Coinbase Lays off 1.2% of its Staff Amidst Market Turmoil

Vignesh Karunanidhi
Coinbase Lays off 1.2% of its Staff Amidst Market Turmoil
Source: Forbes

The past few days have been harsh on the entire cryptocurrency market. The global cryptocurrency market witnessed events that many never even expected. One of the largest cryptocurrency exchanges, FTX, has gone through the worst period of its era.

The fall of the FTX empire also affected the global cryptocurrency market, and the prices of major coins slumped. Tough market conditions and layoffs are best friends, as the former usually follows the latter.

Recently, Twitter and Meta have laid off hundreds of employees. The latest firm to follow suit is the cryptocurrency exchange Coinbase.

Coinbase lays off 60 employees as crypto prices fall

As per the details conveyed by a Coinbase spokesperson to Watcher Guru, the cryptocurrency exchange has let go of 60 employees. The decision, as per the details received, will affect the hiring team, and secondarily, their institutional onboarding team. One other reason is that the exchange has completed its institutional onboarding backlog.

The decision comes at a time when the cryptocurrency market has plummeted hard. The bearish market was further triggered by the fall of SBF’s FTX exchange. FTX was one of the sturdiest firms during the slumping market after the fall of LUNA. Little did everyone know that the cryptocurrency behemoth would plunge hard. This is also the second layoff at Coinbase this year.

The spokesperson also assured us that the exchange is offering generous severance packages for the employees that were laid off.