Coinbase started laying off its employees

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Crypto exchange Coinbase has decided to curtail the hiring of new employees, in addition, the company will reassess its staffing needs. Emily Choi, Vice President of Corporate and Business Development at Coinbase informed company blog.

According to the announcement, the reason for the change was “current market conditions.” As part of the reorganization of the company, Coinbase wants to make sure that the exchange is still in line with crisis scenarios:

“Given the current market conditions, we believe it prudent to slow down hiring and reevaluate our headcount needs against our highest priority business goals.”

It is not clear which business goals are involved. Choi also did not elaborate on how many Coinbase employees could be cut, but hinted that the exchange has already begun implementing one of its crisis insurance plans.

At the time of writing, Coinbase has over 4900 employees.

Meanwhile, Coinbase (COIN) quotes continue to decline. Against the backdrop of the news, the company’s shares in the COIN/USD trading pair updated their all-time low, falling 9% to $61.7. Since the beginning of 2022, the shares of the cryptocurrency exchange have lost more than 75% in price. The market capitalization of the company decreased to $13.7 billion.

Over the past week, the capitalization of the cryptocurrency market has lost over $200 billion. Against the backdrop of the incident with the terraUSD (UST) stablecoin, bitcoin quotes in the BTC/USD pair have completely dropped to the level of $25,302 (BitMEX). Since the beginning of the year, the largest cryptocurrency by capitalization has lost more than 35% in price.

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Source: Cryptocurrency

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