Coinbase lays off 18% of workforce as executives prepare for recession and ‘crypto winter’

Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices.

The cryptocurrency exchange will cut 18% of full-time jobs, according to an email sent to employees Tuesday morning. Coinbase has roughly 5,000 full-time workers, translating to a head count reduction of around 1,100 people.

Shares of Coinbase closed down .83%.

CEO Brian Armstrong pointed to a possible recession, and a need to manage Coinbase’s burn rate and increase efficiency. He also said the company grew “too quickly” during a bull market.

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