Wave of layoffs in crypto companies

 Coinbase, the world's largest cryptocurrency exchange, announced a reduction of more 

Brian Armstrong, CEO of Coinbase, said: "The cost of staff is too high in the volatile market. Despite our best efforts, we cannot bear any more in this context." The company says it doesn't even have financial benefits for employees who lose their jobs.

Coinbase isn't the only crypto company to reduce staff. On June 13, BlockFi, a cryptocurrency lending and trading platform, announced the layoff of 20% of its 850 employees. On Twitter, CEO Zac Prince said the cuts were due to "a sudden change in the market".

Previously, the company had a "rain" of recruitment at the end of 2020. When the market was active, their number of employees increased from 150 to more than 850. Now BlockFi only has about 600 employees. Zac Prince said that, in addition to staffing, BlockFi is also looking to reduce marketing costs, eliminate unimportant suppliers, reduce wages and freeze hiring.
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