Coinbase CEO Brian Armstrong announced today that the company is reducing its workforce by 18%. Armstrong announced this news through a blog post in which he mentioned that the affected employees will be notified via their emails. Armstrong added that the company has decided to their access to the Coinbase system. They will receive a minimum of 14 weeks of severance. Coinbase CEO @brian_armstrong announced today the difficult decision to reduce the size of the Coinbase team by 18%. More details and rationale in Brian’s email to employees, which has been made public for all to see ➡️ https://t.co/SpdZU3KdpS — Coinbase (@coinbase) June 14, 2022 Brian Armstrong Alluded to the Possibility of a Recession CEO Brian Armstrong alluded to the possibility of a recession and the necessity to control Coinbase’s burn rate and boost efficiency. He added that during a bull market, the company grew too quickly. Armstrong said, “We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter and could last for an extended period, Coinbase had previously stated that it was halting hiring. After two weeks, the crypto behemoth said the freeze would be extended for the foreseeable future. Coinbase announced earlier this year that it would be hiring 2,000 people across product, engineering, and design. Coinbase’s stock is down 79% this year and 85% from the all-time high. Meanwhile, Bitcoin has d...
