The crypto market is undergoing a bearish run, with the latest news circulating in the last few days.
Amidst this “crypto winter,” a lot of cryptocurrency exchanges are undergoing a staff reduction. That being said, Coinbase is one of them.
On Thursday, the Coinbase exchange said they would be reducing staff as a sign of trying to cut costs in this bear market.
The company’s institutional onboarding and recruitment teams are the main targets of the layoffs.
Elliott Suthers, the company’s head of corporate and worldwide communications, said in a statement that “these are discrete and focused activities by two teams to help Coinbase function as effectively as possible.”
In June, Coinbase made the announcement that 18% of its personnel would be let go. On a positive note, its stock is up more than 10% in Thursday afternoon trading.
Moreover, a few days ago, Meta announced the layoff of over 11,000 employees along with other companies.
