Coinbase the largest crypto exchange in the United States is set to terminate 1,100 of its total of 5,000 workers
The recent crypto crash has had a tremendous effect on the general crypto market. Some crypto companies such as Coinbase are taking the bold step of laying off some of their workers.
Coinbase To Lay Off 1,100 Workers
As part of a massive reorganization plan unveiled earlier today, Coinbase, the largest cryptocurrency exchange in the United States, plans to terminate up to 1,100 employees.
This matter is no new news from the company who have notified the public a few weeks back that they have halted hiring workers so as to balance their book, as reported by Coinscreed.
The crypto company presently employs around 5,000 full-time employees, implying that its employment will fall by roughly 18%.
Coinbase joins the list of other crypto companies such as BlockFi and Gemini that have laid off some workers. However, because of adequate financial reserves, Ripple recently declared that it would defy the trend by recruiting more people.
Ripple Continues Hiring Despite Crypto Crash
Despite the recent trend, Ripple’s CEO, as reported by Coinscreed earlier today, revealed why the company will continue hiring workers.
Ripple has weathered prior bear market downturns by having experienced management, focusing on the long term, and operating transparently.
While many crypto companies have halted hiring or begun to reduce their workforce, Ripple claims that after obtaining a “substantial” cash reserve, it would be able to expand its workforce even during the down market.
