By The cryptocurrency exchange Coinbase is sacking 18 per cent of its staff over concerns of a crypto winter around the corner
Coinbase fears a recession could lead to crypto winter with many investors turning their backs on crypto investing.
Coinbase Global Inc COIN • NASDAQ
This would have a knock on effect on trading volumes which accounts for Coinbase’s main income.
Read our crypto articles for free!
Read our stock picks for free!
Coinbase’s chief executive and co-founder, Brian Armstrong believes his company has grown too quickly and the issues they now face account for many of the problems.
By cutting staff, Coinbase can withstand an economic downturn and prolonged recession.
Staff at Coinbase are expected to receive emails from the company’s HR department.
Coinbase had hired much more staff over the last 18 months than the current conditions need. As a result due to the crypto crash and the current bear market, Coinbase’s income has been affected.
While Coinbase is making the staff cuts, the company do not expect the crypto bear market trend to last.
Bitcoin, a digital cryptocurrency leader has suffered a price plummet with no signs of a recovery.
Adding to this are pending cost of living increases, hyper inflation and economic global uncertainty.
Coinbase said they expect to rehire staff when things pick up again in the crypto markets.
Read our crypto articles for free!
Read our stock picks for free!
Disclaimer: Please read our disclaimer notice on our terms and conditions page before making any investment decisions. Content not recommendations to buy or sell.
Please share this article on;
- Facebook groups;
- Instagram;
- Yahoo finance conversations;
- Stocktwits;
- YouTube comments;
- Twitter;
- Reddit;
- Trading and Investing Broker forums; and;
- All other stocks and shares and crypto forums etc.
Don’t forget to subscribe to this TabStocks site for free to receive our latest free content!
If this information has been useful to you, kindly consider making a financial PayPal donation to support our work in continuing to provide you with free quality content.
