Coinbase announces layoff of more than 60 employees

The cryptocurrency market is faltering. It is experiencing a complicated moment that makes it difficult for companies offering services related to them to survive.

Negative impact of FTX collapse.

This market is sensitive to market news, both positive and negative. And, along with the prolonged downturn that has plagued the market for more than a year, the news of the collapse of FTX and the need for 4 billion to avoid bankruptcy.Has only made the situation worse.

More layoffs in Coinbase

This is reflected in the sudden announcement of Coinbase which states that it will layoff 60 employees in the face of the possible demise of the FTX cryptocurrency platform. According to the company, this measure is needed to help the platform to “operate as efficiently as possible”.

The 60 employees would come from the recruitment and incorporation sectors.Those who, despite dismissal, were to receive “generous” severance packagesaccording to a company spokesperson. Although already known externally, the layoffs were announced internally.

Dismissal after dismissal

This dismissal item is in addition to the Another 1,100 jobs Coinbase eliminated in June.. In early November the company also suffered the departure of its product manager.

The decline in cryptocurrency trading volume has affected the trading platforms’ revenue level. This has reportedly prompted Coinbase to take steps to try to control costs which, in turn, led to significant staff reductions as dictated by the report.

In the report, the CEO and co-founder of Coinbase says that the company tried its best to make everything run smoothly, however, he believes it hired more staff than was really needed.

Once again

Many people must be holding their hands over their heads in the face of such a situation. Others must be on good terms with them.

This is not the first and certainly will not be the last time that cryptocurrencies will go through a situation similar to the current one. For some With such volatile assets, ups and downs are a common occurrence..

Before it’s too late

Those who intend to be in this world should keep this point in mind.

It is necessary to keep in mind that the market is variable and that what is done in good times can be decisive for survival in bad times.Whether it is a company or an individual.

Circumstances drive large companies in the cryptocurrency industry to reinvent themselves to survive.

The FTX team may be thinking about what they could have done in earlier times to avoid the situation they are in, and Coinbase must do everything to secure a different fate..