Coinbase lays off over 1,000 employees – Warns of crypto winter

• The cryptocurrency exchange will cut 18% of jobs, according to an email sent to employees on Tuesday morning.

• Coinbase is laying off nearly a fifth of its workforce following the collapse of cryptocurrency and stock.

• As CNBC reports, the cryptocurrency exchange will cut its 18% of jobs, according to an email sent to employees on Tuesday morning.

• In total, Coinbase employs about 5,000 full-time employees, which translates into a cut of 1,100 jobs.

• Coinbase stock is moving about 7% lower.

With bitcoin crashing to $21,000 – more than two-thirds off its all-time high – as opportunistic traders short the crypto in hopes of forcing Celsius to be liquidated, and MicroStrategy to get a margin call (it won’t happen until bitcoin drops to 4K), the CEO of the largest US crypto exchange, Brian Armstrong sent a letter to all its employees that will lay off 18% of the employees of the company.

“It looks like we are entering a recession after a decade-long period of growth. A recession could lead to another ‘cryptocurrency winter’ and it could last for a long time”

– Coinbase CEO, BRIAN ARMSTRONG