Coinbase is cutting 18% of its workforce: ‘it’s a one-time event’


Coinbase is cutting 18% of its workforce: ‘it’s a one-time event’

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >


Wajeeh Khan

Jun 14, 2022

Coinbase Global Inc is laying off 1,100 of its full-time employees.

COO Choi discussed the announcement on CNBC’s “Crypto World”.

Shares of the crypto company are down roughly 80% for the year.

Shares of Coinbase Global Inc (NASDAQ: COIN) are in the red on Tuesday after the crypto company said it will cut jobs to minimize costs ahead of a “possible recession”.

1,100 employees to lose their jobs at Coinbase

According to the Nasdaq-listed company, it will lay off 18% of its full-time staff (roughly 1,100 employees). Discussing the announcement on a CNBC interview this morning, COO Emilie Choi said:

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

We’re in a rapidly changing economic environment and it feels like the most prudent thing to do right now. But we’ve offered them generous severance packages and built a Coinbase Talent Hub to connect them with their next opportunity.

Coinbase is gasping for air this year as inflation continues to keep the crypto market under pressure. The stock is now down 80% versus the start of 2022.

Coinbase Global can withstand a crypto winter

Despite the sell-off, Choi is convinced the ten-year-old company can weather “any crypto winter” and expects the job cut to be a one-time event. She noted:

We have to adjust when we feel there’s a very dynamic economic environment in play. The decision we have made is in light of all the information we have, and the intention is that this is a one-time event.

In its latest reported quarter, Coinbase Global Inc lost 2.20 million monthly transacting users, resulting in a 27% YoY decline in revenue, as much of its top-line depends on the transaction fees.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,


75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Visit site


North America


Stocks & Shares




Generated by Feedzy