Breaking News: Coinbase to slash 950 Jobs in 2023

Coinbase, the largest U.S. cryptocurrency exchange is another casualty of the bear market as it has decided to slash 950 jobs, which is about 20% of its total workforce.

This restructuring plan is expected to be completed in the second quarter of 2023, which demonstrates just how long this bear market is likely to last.

Coinbase isn't the only exchange feeling the pinch, as Kraken and Swyftx have also been forced to lay off some of their staff due to declining crypto trading volumes that have affected their revenue.

It seems that Coinbase's decision to let go of 950 jobs is part of a wider trend occurring across the industry.

Reason behind the job cuts?

In a shocking turn of events, the crypto trading industry has seen a major decrease in jobs due to declining trading volumes.

This has had a major impact on exchanges, who have seen their revenues drop significantly. 

The news of job cuts has come as a shock to many and has left many in the industry wondering what the future holds for them. 

Still the good news is, brian armstrong stated that coinbase is well-capitalized and crypto market is not going anywhere.