Finance

January 1, Recession Fears Trigger Layoffs

Published

4 years ago

June 15, 2022

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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Wyatt Porter

Wyatt Porter is a seasoned writer and constitutional scholar who brings a rugged authenticity and deep-seated patriotism to his work. Born and raised in small-town America, Wyatt grew up on a farm, where he learned the value of hard work and the pride that comes from it. As a conservative voice, he writes with the insight of a historian and the grit of a lifelong laborer, blending logic with a sharp wit. Wyatt’s work captures the struggles and triumphs of everyday Americans, offering readers a fresh perspective grounded in traditional values, individual freedom, and an unwavering love for his country.