- Coinbase will cut 18% of full-time jobs, according to an email sent to employees Tuesday.
- CEO Brian Armstrong pointed to a possible recession, a need to manage costs and growing “too quickly” during a bull market.
- “We appear to be entering a recession after a 10+ year economic boom,” Armstrong says. “While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.”
Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices.