After Crypto Winter, Coinbase Will Leave Japan

Coinbase Global Inc. has decided to lay off some of its employees in Japan, citing tough market conditions as the reason. This is part of a larger plan to lay off 20% of the company’s employees around the world.

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Bloomberg reported that a spokesperson for Coinbase in Japan said in a statement, “Due to the current state of the market, our company has made the hard decision to cut our staff in Japan.” No information has been given about how many jobs will be cut.

There is no more information about when or who will be fired. The people who will be laid off will get a “comprehensive transition package” to help them deal with the situation. “At the moment, no decisions have been made beyond reducing the number of employees. We are carefully weighing all of our options and will let you know when we have more information.” the spokesman also said

CEO of Coinbase Explains Layoffs

The main office of the crypto exchange in the United States is in San Francisco. Yesterday, the company said that it would be firing 950 of its workers. CEO Brian Armstrong said that the layoffs were necessary to deal with the global headwinds that the crypto market is facing. The projects that aren’t working well and don’t have big goals will be stopped.

The trend of firing people during the crypto winter?

Since June of last year, Coinbase has fired a huge number of workers. It fired 18% of its workers, which amounted to about 1200 people. In November, they fired 60 of their workers.

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In 2022, the crypto market had its worst year ever. There were a lot of collapses, and the market was very chaotic. The price of tokens kept dropping, and the price of important coins hit its lowest point since 2020. The most recent and biggest one was when the biggest exchange, FTX, went bankrupt. This shook the market for a long time.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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