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June 15, 2022

Recession Fears Trigger Layoffs

By T. Thompson In Finance, Latest News with Comments Off on Recession Fears Trigger Layoffs

Cryptocurrency exchange Coinbase Global announced that it was laying off approximately 1,100 full-time jobs — about 18% of its workforce.

Coinbase CEO and co-founder Brian Armstrong said managing costs would be critical with the possibility of recession leading to a crypto winter.

Coinbase isn’t the only crypto company to implement layoffs amid fears of a recession this month.

On Monday, crypto lender BlockFi said it was reducing its headcount by roughly 20% after being “impacted by the dramatic shift in macroeconomic conditions worldwide.”

The Winklevoss twins’ Gemini Trust Co. announced it was laying off 10% of its staff.

Crypto.com also said it was downsizing. Last year, the crypto exchange reportedly spent $700 million to have Staples Center in Los Angeles renamed Crypto.com Arena for the next 20 years.

Conversely, Binance CEO and co-founder Changpeng Zhao says that now is a great time for hiring and acquisitions.

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