The Clap
The world’s only public crypto exchange platform “Coinbase” will lay off 18% of its employees as management prepares for a recession.
The deets
Coinbase’s CEO said the company is “planning for the worst”, as “we appear to be entering a recession after a 10+ year economic boom.” He also added that the company may have grown “too quickly” during the last 2-year bull market & now needs to manage costs more efficiently.
Why this matters
Jobs cuts have been somewhat of a regular recurrence among both startups & publicly-listed companies throughout the past few weeks. According to one source, 5.5k startup & tech jobs have been cut in June 2022 alone, & we’re only halfway through.
