Coinbase stock plummets as the company lays off 18% of its workforce

According to CNBC, Coinbase is letting go of a big chunk of its workforce, more evidence that there is a crypto winter coming.

Coinbase will cut 18% of full-time jobs, according to an email sent to employees Tuesday.
CEO Brian Armstrong pointed to a possible recession, a need to manage costs and growing “too quickly” during a bull market.
“We appear to be entering a recession after a 10+ year economic boom,” Armstrong says. “While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.”

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