This “difficult decision” was made to “remain in good health during this economic downturn,” co-founder and CEO of the firm, Brian Armstrong, wrote in a message.
“It would seem that we entered a recession after an economic boom of more than 10 years,” he launched among the justifications for this massive dismissal. “A recession could lead to another ‘crypto winter’ and could last for an extended period,” she added.
With investors looking to protect their money, bitcoin fell 15% on Monday as the cryptocurrency market fell below $1 trillion, a symbolic low.
Amid sharp falls in the stock markets since the beginning of the year, virtual currencies have been in bad shape for several months, after a brilliant rise in 2020 and 2021.
Coinbase, which allows you to buy and sell cryptocurrencies, already warned in mid-May that the number of its active users was falling. The group posted a net loss of $430 million in the first quarter.
The firm employs about 6,000 people.
