(Boursier.com) — Coinbase Global has just announced a huge restructuring plan, involving the elimination of 18% of its workforce, or 110 positions. The group evokes the economic downturn, while cryptocurrencies have also just unscrewed copiously, with a bitcoin fell around $22,200 on Tuesday evening against more than $68,000 7 months ago (-67%).
On Wall Street, the Coinbase title ended Tuesday down 0.83% to $51.58. The cryptocurrency exchange has lost 86% of its value since its debut on Wall Street in April 2021, with an opening price above $380. Most of the fall took place this year, with the plunge in Nasdaq technology stocks.
“Today I am making the difficult decision to reduce the size of our team by approximately 18%, to ensure we stay healthy during this economic downturn,” said Brian Armstrong, Group Chief Executive and Co-Founder. He explains in particular that economic conditions have changed rapidly, that cost management is critical and that the group “has grown too quickly”.
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