Its CEO cites the continued fallout from the FTX collapse as one reason.
, Armstrong cited “the fallout from unscrupulous actors in the industry” as one of the reasons fueling Coinbase’s cost-cutting efforts. Armstrong says the layoffs are part of a plan to reduce Coinbase’s operating expenses by 25 percent on a quarter-over-quarter basis.“While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount,” Armstrong wrote in his memo.
This is Coinbase’s second major round of job cuts after laying off 18 percent of its staff last June,
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