The CEO of Coinbase, Brian Armstrong, said today that the company will cut its staff by 18%, or about 1,100 people, to “stay healthy during this economic downturn.”
The company said that the cost of employees was “too high to manage this uncertain market well.”
Employees who lose their jobs will get a minimum of 14 weeks of severance pay, plus an extra two weeks for every year of service. US-based employees who lose their jobs will also get health support through COBRA and help with their mental health.
