Brian Armstrong, the CEO of crypto major Coinbase, said the company is laying off 950 staff members as part of an effort to slim down operating expenses by roughly 25% quarter over quarter.
Photo credit: Coinbase
“We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion,” Armstrong said in a note to employees, but adding that “Coinbase is well capitalized, and crypto isn’t going anywhere.”
The move comes amid a difficult time for the crypto industry, which is still reeling from the collapse of FTX, one of Coinbase’s exchange peers.
Armstrong also said that while some of Coinbase’s projects will continue to run as normal, it’s pulling the plug on those that have “a lower probability of success.”
Bloomberg also reported that the most recent job cuts include Coinbase’s Japan unit. A representative for the exchange told Bloomberg that the company is currently working with regulators in Japan to establish a timeline for the layoffs and to better help those affected.
See also: Singaporeans feel ‘betrayed’ by Temasek-backed FTX
Within Southeast Asia, the company announced in October 2022 that its Singapore unit received in-principle approval from the Monetary Authority of Singapore to provide digital payment token services.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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