Coinbase to lay off 700 workers
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Coinbase is set to report earnings on May 7.
“We are not just reducing headcount and cutting costs, we’re fundamentally changing how we operate,” CEO Brian Armstrong said.
Coinbase will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.
Coinbase pays us for certain activity generated through this link. Prices displayed are informational. Learn more Investors will be looking to Coinbase Global (COIN) CEO Brian Armstrong for fresh remarks on his firm’s forward prospects when it reports first quarter results on Thursday that will show how the major crypto exchange weathered a rough stretch in crypto markets.
Launched in 2012, Coinbase (Nasdaq: COIN) is now the largest cryptocurrency trading exchange in the United States. The brokerage firm Robinhood Markets (Nasdaq: HOOD), launched in 2013, has also become very popular among crypto traders. But a Wall Street bank is now attempting to challenge these dominant players with lower fees.
A viral post claims Coinbase is selling H-1B visas and replacing American workers, following layoffs. However, evidence shows this is misleading.