Again Coinbase Is Going To Lay Off 20% Of Its Workforce
As an employee, you may feel safe because the company laid off a certain percentage of its employees, but you are not one of them. You are still doing your job. That was just the first wave of layoffs. Is your job secure and safe? What would happen when the second wave of layoff knocks at your desk?
Coinbase is going to let go of another 20% of its workforce. Last year, Coinbase made the harsh decision to lay off its employees. That counts as the first round of layoffs. Now 20% of Coinbase employees are going to lose their jobs, that is, 950 employees.
As an employee, if there are some problems that you cannot fix, you can blame that as a reason for losing your job. If your performance is not good, you can take that as an indication that you might get fired. You have the skills, talent, and qualifications to do the job.
But when the company decides not to have a certain percentage of employees, you may not have anything to do. You have to accept it and look for another job. It is becoming really hard to get a job in this situation. Most companies lay off their employees, so there is no question about hiring new employees. I am sad thinking about those employees who lost their jobs.
According to Coinbase CEO Brian Armstrong, they are going to reduce operating costs by almost 25%, so they are slashing 20% of their workforce, that is, 950 employees are losing their jobs. They focus on increasing operating efficiency.
In response to the cold blows of crypto winter, Coinbase will terminate several projects that have a lower probability of success. It is not mentioned which projects they are going to close. They position themselves in such a way that they can face any challenging situations during this bear market.
Regulatory clarity about cryptocurrency will inspire more institutions to get involved in crypto. Bitcoin is not a security. Is Ethereum a commodity or security? That's a million-dollar question. After moving from proof of work to proof of stake, the way people view Ethereum may change. Big institutions will be more interested in investing their money in crypto when there is regulatory clarity.
Sun will rise. Crypto winter will not be here forever. Use this time as an opportunity to explore and make your decision to change your financial situation. An exciting moment is waiting for us.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Hi, I am Rezoanul Vibes. I'm a content creator and passionate learner. I write about finance, cryptocurrency, and lifestyle. I'm glad to meet amazing people all over the world.
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