Coinbase and BlockFi Lay Off Hundreds of Staff

Coinbase and BlockFi are laying off hundreds of staff members, equivalent to a fifth of their workforces, as they struggle to survive the second wave of the ongoing crypto crash.

Employees at Coinbase, once the flagship US cryptocurrency exchange, will learn whether they have lost their jobs in an email today. Those who have been laid off will be notified on their personal email account, the chief executive, Brian Armstrong, said, because their access to company systems will be terminated immediately.

“I realise that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you,” Armstrong said in a letter to staff. “I want to say thank you for giving everything to this company, and that I am sorry. I hope that as we grow again we get a chance to hire you back. We would not be where we are today without your hard work and dedication to our mission. I am incredibly grateful for everything you have done to contribute to our success.”

Almost 20% of Coinbase staff will lose their jobs, Armstrong said, totalling about 1,100 employees, even after the company embarked on a hiring freeze that resulted in it rescinding already-issued job offers.

Read More at The Guardian

Read the rest at The Guardian