The largest cryptocurrency exchange in the US lays off employees

Cryptocurrency exchange Coinbase has announced a large-scale restructuring plan that will see 1,100 employees laid off. According to official data, Coinbase currently employs about 5000 full-time workers.

According to the COO of Coinbase, «this was a difficult decision to make, but it is also the wisest one yet.» At the same time, the company emphasized that Coinbase’s financial position is strong enough to «survive» any crypto downturn. This is disagreed with by employees who published a petition a few days earlier demanding the resignation of a number of company directors. The statement emphasized that representatives of the top management not only cannot cope with their job duties and keep the exchange afloat, but also sow apathy and a toxic approach to communication.

Currently, Coinbase shares have fallen by almost 7% and are on their way to another record low, having dropped by a staggering 79% in 6 months.

In early June, Coinbase suspended hiring new employees and canceled open positions. By doing so, Coinbase joined BlockFi, Gemini, and other companies that have laid off a significant portion of their employees.