Coinbase Global Inc. co-founder and CEO Brian Armstrong announced on Tuesday that the company made a "difficult decision" to cut its workforce by 18% in order to "ensure we stay healthy during this economic downturn."
Armstrong stated that due to the rapidly changing economic conditions, a need for cost management, and the rapid expansion of the company itself, a reduction had to be made, as "it is now clear that we over-hired."
To those who are included in the lay-off, Coinbase shared that it will provide a "minimum of 14 weeks of severance plus an additional 2 weeks for every year of employment beyond 1 year."