Coinbase To Lay Off 950 Employees
Coinbase is to shrink its workforce by a quarter in response to the bearish headwinds hitting the crypto sector.
News of the job cuts, which will eliminate 950 staff, was revealed in an SEC filing.
The company, which has suffered sustained losses and customer outflows in recent quarters, say it expects its full-year figures to be "within the negative $500 million loss guardrail" previously stated in a shareholder letter.
The restructuring is billed as a resonse to "ongoing market conditions impacting the cryptoeconomy". It will cost up to $163 million, including as much as $68 million in cash charges related to employee severance.
The firm says it expects the cull to be completed by the second quarter of 2023.
Stripes PayPal Bid Could Reshape Fintech
Stripe’s reported $53bn bid for PayPal is more than a takeover rumour. It is a signal that the payments industry may b... Read more
Circle Wins Landmark US Banking Licence
Circle Internet Group has finally secured the regulatory prize it has been chasing for more than a year, with the Office... Read more
Ai Beginning To Deliver On Promise
For all the excitement surrounding artificial intelligence, its most immediate impact in the workplace has been measured... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
Reassessing AI Investments: What The Correction In US Megacap Tech Stocks Signals
The recent correction in US megacap tech stocks, including giants like Nvidia, Tesla, Meta, and Alphabet, has sent rippl... Read more
AI Hype Meets Reality: Assessing The Impact Of Stock Declines On Future Tech Investments
Recent declines in the stock prices of major tech companies such as Nvidia, Tesla, Meta, and Alphabet have highlighted a... Read more