Coinbase cuts roughly 1,100 jobs amid fears of a ‘crypto winter’
Coinbase is still struggling with a worsening cryptocurrency market. The exchange has announced that it's laying off 18 percent of its workforce, or about 1,100 jobs, to help weather difficult economic conditions. There's a "crypto winter," according to company chief Brian Armstrong, and the move is purportedly necessary to keep costs down during this dark period.
Armstrong also saw this as a response to excessive optimism about crypto's future. Coinbase felt it had to grow rapidly in 2021 to compete across numerous…