Layoffs Continue with Coinbase, BlockFi and Crypto.com Latest Firms to Shed Staff
The market’s recent bloodbath has resulted in major crypto firms reining in their expansion plans and, in some cases, laying off a sizable portion of their workforce.
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BlockFi has laid off 20% of its workforce, while Crypto.com has cut 5%. And now Coinbase will sack 18% of staff, around 1,100 jobs, amid fears of an incoming “crypto winter.”
Brian Armstrong, Coinbase’s chief executive and co-founder, said that he admitted the company had grown too quickly and was to blame for at least some of its problems.
Armstrong said that the decision had been taken because staff grew by more than four times in the last 18 months, and now the company cannot afford them. He also said that the company had grown so quickly that new staff actually made the company less efficient, because they could not be effectively integrated into the team.
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