Coinbase CEO Brian Armstrong announced a 14% workforce reduction, citing the need to manage costs and navigate the ongoing crypto market downturn. The move affects approximately 950 employees and follows a previous 18% staff cut in June 2022. Armstrong emphasized the company's commitment to maintaining a strong balance sheet during the 'crypto winter' while continuing to build products.
Background
Coinbase is one of the largest cryptocurrency exchanges globally, founded in 2012 and went public in 2021. The company has been significantly impacted by the 2022 cryptocurrency market crash, which saw major tokens lose over 70% of their value.
- Source
- Hacker News (RSS)
- Published
- May 5, 2026 at 08:10 PM
- Score
- 7.0 / 10