Crypto Winter Effect Stays Strong, Coinbase Announces Layoffs

Coinbase announces more layoffs to kick off the new year.
In June 2022, the exchange let go of 1,100 employees.
Now, the exchange is laying off 950 of its employees.

Coinbase says they are laying off more personnel today. Specifically, the popular crypto exchange says it is laying off an additional 950 employees today. Coinbase continues to slash its workforce for the second time in less than a year.

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It seems the effects of crypto winter in 2022 is carrying into 2023 for Coinbase. In June 2022, Coinbase let go of 1,100 of its employees to cope with the brutal crypto winter that year. Now, they are once again letting go of their employees.

To highlight, Coinbase let go of 18% of its total workforce in June 2022. In January 2023, they have once again made the decision to slash their workforce. This time it is 950 employees that have taken the cut. This constitutes for about 1/5 of its present workforce.

Coinbase believes they grew their team too quickly during the bull market back in late 2021 and early 2022. By June 2022, the exchange found itself in a position where they had no choice but to cut staff in order to manage costs.

No doubt the crypto market has taken many brutal hits the past year. With the fall of Terra and FTX, the overall sentiment is still dull. Still, many are hoping and predicting a steady recovery to begin in 2023.

As everyone expects the market to return to bullish greens this year, many are waiting with baited breath for the market to recover. However, it seems with Coinbase’s news, the hits keep coming.

We should remember that despite the bearish state, many companies are still exhibiting bullish behaviour. After all, Binance and Ripple have only expanded their global offices and team in spite of the harsh market condition.

Many Web3 projects continue to pop-up and flourish based on the popularity of their services and token utilities. In fact, governments too have learnt from the past year and are placing more helpful regulations for crypto to thrive in the months ahead.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.