The largest US crypto exchange Coinbase is looking to drastically cut its workforce amid plummeting Bitcoin prices. It’s about cutting spending to survive a protracted economic downturn, said Brian Armstrong, Coinbase CEO.
The online marketplace for digital systems like Bitcoin wants to lay off about 18 percent of its employees — that’s about 1,100 employees.
Cryptocurrencies currently on a nosedive
The fear of inflation and recession is currently making investors very nervous and has recently put a lot of pressure on the crypto market. Coinbase shares have fallen by more than a quarter in the past five trading days alone.
Crypto exchanges like Coinbase make money from transactions with Bitcoin and other digital currencies. When trade collapses, business suffers.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
