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In tough economic times, cryptocurrency exchange, like many other businesses in the industry, saves money on everything, including people.More than 1,000 people, or 18% of the total number of employees will lose their jobs at Coinbase in the near future. Coinbase CEO Brian Armstrong announced the news on Tuesday, June 14. According to him, Coinbase’s staff is now too bloated, and the cuts will help “maintain stability during the economic downturn.In mid-May 2022, Coinbase pulled all job postings and said it would reassess the needs of its employees. Thus, the company hinted at possible layoffs a month ago.
