Perhaps this news is not as surprising as Meta's situation, but crypto exchange company Coinbase has reportedly laid off more than 60 staff in the recruitment and placement department while Meta has more than 11,000 employees.
It is understood that Coinbase has laid off 18% of its staff in the last five months following a drastic fall in the cryptocurrency market.
The streak, the following move is likely a big sign that some crypto exchangers are going to lay off workers in order to cut costs while the bear market is still going on.
Even so, the Chief Executive Officer (CEO) of Coinbase, Brian Armstrong stated that the termination was simply to reduce his workforce due to the fact that he had previously over-hired.
He added that he also froze the hiring process and canceled job offers given to candidates even though they expressed their disappointment online.
However, Armstrong acted to list the names of the candidates in the database launched by Coinbase so that they could find jobs in other companies.
Meanwhile, Coinbase is currently struggling in a bearish market with a quarterly decline of 28% and trading volume plummeting 27% in Q3 this year, while its shares are down 80% this year and 27.4% for the month.
But Coinbase most likely has an advantage since its company is not linked to the FTX crisis and Alameda Research, and Ark Invest Cathie Wood's company bought shares of the company, COIN, worth $21.4 million earlier this week.
