https://news.google.com/__i/rss/rd/articles/CBMiWGh0dHBzOi8vd3d3Lndzai5jb20vYXJ0aWNsZXMvY3J5cHRvLWV4Y2hhbmdlLWNvaW5iYXNlLXRvLWxheS1vZmYtMTgtb2Ytc3RhZmYtMTE2NTUyMTEwNjnSAQA?oc=5
Cryptocurrency exchange Coinbase Global Inc. said it is cutting almost a fifth of its staff because the company had grown too quickly and a potential recession “could lead to another crypto winter.”
The company said Tuesday it will reduce its workforce by 1,100 employees, or about 18% of its staff, as part of its efforts to manage operating expenses. In a letter to all employees, Chief Executive Brian Armstrong said “our employee costs are too high to effectively manage this uncertain market.”
