US crypto company Coinbase plans to reduce the number of employees by another 20% as part of the second wave of business optimization after the company fired 60 employees in November 2022.
The company said the decision to cut staff was related to a strong drop in income. In addition, even then the management did not rule out that, if necessary, it would fire additional employees.
Coinbase CEO Brian Armstrong officially announced on Tuesday that his team will fire 950 employees in order to cut costs by about 25%.
In addition, Armstrong has confirmed that Coinbase will abandon several projects and that the company will spend up to $68 million to pay severance pay to laid-off employees.