{"id":50328,"date":"2022-06-14T15:15:02","date_gmt":"2022-06-14T15:15:02","guid":{"rendered":"https:\/\/harchi90.com\/crypto-exchange-coinbase-to-cut-almost-a-fifth-of-its-staff\/"},"modified":"2022-06-14T15:15:02","modified_gmt":"2022-06-14T15:15:02","slug":"crypto-exchange-coinbase-to-cut-almost-a-fifth-of-its-staff","status":"publish","type":"post","link":"https:\/\/harchi90.com\/crypto-exchange-coinbase-to-cut-almost-a-fifth-of-its-staff\/","title":{"rendered":"Crypto exchange Coinbase to cut almost a fifth of its staff"},"content":{"rendered":"
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Crypto exchange Coinbase plans to cut almost a fifth of its workforce, in the latest sign of the chill descending on the digital assets market as token prices tumble.<\/p>\n

The US-listed group’s plans to reduce its staffing by 1,100 employees come as a sharp downturn in the cryptocurrency market threatens to deal a heavy blow to its revenues that are reliant on trading volumes. <\/p>\n

Bitcoin has lost more than 60 per cent of its value since hitting an all-time high last November of almost $ 69,000, dipping below $ 21,000 on Tuesday. Other companies, including Coinbase’s rival exchange Gemini, Crypto.com, and crypto lending platform BlockFi, have also announced in recent weeks plans to lay off large swaths of their workforces. <\/p>\n

Before Tuesday’s announcement, Coinbase had also rescinded existing job offers, citing rapidly changing market conditions. <\/p>\n

Brian Armstrong, Coinbase’s chief executive, said the group made the decision in an attempt to \u201cstay healthy during this economic downturn\u201d. <\/p>\n

The group derived about four-fifths of its revenue from retail trading in the first quarter – something that has cooled dramatically as crypto prices sag. <\/p>\n