In a regulatory filing released Tuesday, Coinbase said it plans to layoff approximately 1,100 employees in response to “current market conditions and ongoing business prioritization efforts.”
“We grew too quickly,” CEO Brian Armstrong wrote in a blog post Tuesday, adding that labor costs have grown “too high to effectively manage this uncertain market” and warning the economy “appear[s] to be entering a recession after a 10+ year economic boom.”
The firm said U.S. employees affected by the layoffs will be terminated Tuesday, and that it will “follow applicable local guidelines” for non-U.S. workers; Coinbase expects to have about 5,000 employees after “substantially” completing the cuts by the end of this month.
Departing employees will receive at least 14 weeks of severance, four months of health insurance and job-search resources, the company said, estimating it will incur about $40 million to $45 million in restructuring expenses related to the termination benefits.
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