Coinbase Lays Off Almost a Fifth of Its Workforce in Preparation for “Crypto Winter”

According to an email sent to employees on Tuesday morning, the cryptocurrency exchange will cut 18% of its workforce.

Coinbase has around 5,000 full-time employees, which translates to a reduction of around 1,100 people.

"We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,"

- Brian Armstrong, CEO of Coinbase

Coinbase's shares are down 79% this year and 85% from the all-time high.