How quickly we switched from companies that “delay hiring” mass layoffs. Coinbase was not the only company in the broad technology sector to introduce job cuts today (see below). But the crypto exchange’s decision on Tuesday to cut its workforce by 18% was most clearly symbolic of how quickly the environment has changed, in the crypto and broader technology scene.
Keep in mind that the number of people Coinbase fired today – 1,100 – is roughly the same number that Coinbase has hired since late March. So while Coinbase seems to be taking a big hit on its workforce, the company is simply reducing its staff to what it was two and a half months ago – about 5,000. That’s still well over 3,730 people. which Coinbase had at the end of 2021, not to mention the 1,250 people Coinbase had at the beginning of last year. One question that arises then is whether these cuts will be close enough, given the scale of the cryptocurrency we could withstand.