The cryptocurrency exchange Coinbase has announced a large-scale restructuring plan for the company, which will lay off 1,100 employees. According to official figures, Coinbase currently has about 5,000 full-time employees.
According to Coinbase’s chief operating officer, “it was difficult to make that decision, but at the same time it is the wisest thing to do.” At the same time, the company stressed that Coinbase’s financial position is strong enough to “survive” any cryptocurrency. Employees who recently published a petition demanding the resignation of a number of company directors do not agree with this. The statement stressed that the top management not only could not cope with their work responsibilities and keep the exchange afloat, but also sowed apathy and a toxic approach to communication.
So far, Coinbase shares have fallen nearly 7% and are already on the way to another record low, dropping to a staggering 79% in 6 months.
Back in early June, Coinbase suspended the hiring of new employees and abolished vacancies. By doing so, Coinbase has joined BlockFi, Gemini and other companies that have cut a significant number of their employees.