On Tuesday, the billionaire CEO of prominent crypto-brokerage Coinbase revealed intentions to fire off around 18% of the company's employees.
The impact of the $1 trillion cryptocurrency crash might be exacerbated by a recession, according to a billionaire CEO.
On Tuesday, the billionaire CEO of prominent crypto-brokerage Coinbase revealed intentions to fire off around 18% of the company's workers in order to cut expenses ahead of a possible recession.
Employees affected by the layoffs will be fired on Tuesday, while non-U.S. workers will be terminated in accordance with applicable local norms.
After largely completing the cutbacks by the end of this month, Coinbase aims to have around 5,000 workers.
Employees who leave will get a minimum of 14 weeks of severance pay, four months of health insurance, and job-search assistance.
Restructuring costs of $40 million to $45 million will be incurred as a result of the termination benefits.
Last month, Coinbase cautioned stockholders about falling cryptocurrency values in a letter to shareholders.
After the statement, Coinbase shares plunged 6% in pre-market trade, and it has now fallen more than 85% from its November peak.
The total value of all cryptocurrencies in the world has dropped by about 70% to $929 billion.