{"id":32197,"date":"2023-01-12T10:25:29","date_gmt":"2023-01-12T10:25:29","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil"},"modified":"2023-01-12T10:49:25","modified_gmt":"2023-01-12T10:49:25","slug":"crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil","title":{"rendered":"Crypto exchange Coinbase to cut 20% of workforce amid market turmoil"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Coinbase announced Tuesday that it will cut its workforce by 20% and reduce expenses by 25% amid turmoil in the market.<\/p>\n

The US-based cryptocurrency exchange platform said it will let go 950 workers out of approximately 4,700 employees.<\/p>\n

Coinbase, the world’s second-biggest cryptocurrency trade platform by daily volume, had reduced its workforce by 18% in June in an attempt to manage costs.<\/p>\n

“In 2022, the crypto market trended downwards along with the broader macroeconomy. We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion,” said CEO and co-founder Brian Armstrong.<\/p>\n

He added: “Dark times also weed out bad companies,” referring to disgraced former CEO of FTX, Sam Bankman-Fried, who pleaded not guilty last week to criminal charges amid his company’s sudden implosion.<\/p>\n

“Despite everything we\u2019ve been through as a company and an industry, I\u2019m still optimistic about our future and the future of crypto. Progress doesn\u2019t always happen in a straight line, and sometimes it can feel like we\u2019re taking two steps forward and one step back,” said Armstrong.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Coinbase announced Tuesday that it will cut its workforce by 20% and reduce expenses by 25% amid turmoil in the market. The US-based cryptocurrency exchange platform said it will let go 950 workers out of approximately 4,700 employees. Coinbase, the world’s second-biggest cryptocurrency trade platform by daily volume, had reduced its workforce […]<\/p>\n","protected":false},"author":84,"featured_media":32196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-32197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nCrypto exchange Coinbase to cut 20% of workforce amid market turmoil - Mozambique<\/title>\n<meta name=\"description\" content=\"Coinbase announced Tuesday that it will cut its workforce by 20% and reduce expenses by 25% amid turmoil in the market. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto exchange Coinbase to cut 20% of workforce amid market turmoil\" \/>\n<meta property=\"og:description\" content=\"Coinbase announced Tuesday that it will cut its workforce by 20% and reduce expenses by 25% amid turmoil in the market. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T10:25:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-12T10:49:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/01\/postQueueImg_1673506538.37.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Crypto exchange Coinbase to cut 20% of workforce amid market turmoil\",\"datePublished\":\"2023-01-12T10:25:29+00:00\",\"dateModified\":\"2023-01-12T10:49:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil\"},\"wordCount\":199,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/01\/postQueueImg_1673506538.37.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/crypto-exchange-coinbase-to-cut-20-of-workforce-amid-market-turmoil\",\"name\":\"Crypto exchange Coinbase to cut 20% of workforce amid market turmoil - 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