Breaking: Coinbase CEO Brian Armstrong Announces 20% Additional Layoff

Varinder Singh
January 10, 2023 Updated September 5, 2025
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Breaking: Coinbase Officially Halts Operations In Japan

Coinbase CEO Brian Armstrong plans to cut an additional 20% of its workforce in order to manage operating expenses amid the ongoing bear market and FTX contagion. Coinbase slashed 18% of its workforce in June last year and will layoff an additional 950 employees as part of the latest decision. The crypto exchange had 4,700 employees at the end of September.

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Coinbase Plans to Layoff 950 Employees

In a blog post on January 10, Coinbase CEO Brian Armstrong announced reducing operating expenses by about 25% quarter-by-quarter. It includes laying off about 950 people. He believes the company needs to reduce operating expenses, which can’t be done without considering changes to headcount.

Further, Coinbase plans to shut down several projects with a lower probability of success. Other projects will continue to operate as usual, with fewer people on the team. The details on the 2023 scenarios and expense outlook will be shared in a public 8-K filing today and the Q4 earnings call in February.

Those affected received an email to their personal account. Coinbase is offering a comprehensive package to support fired employees. US-based employees will receive a minimum of 14 weeks of base pay, health insurance, and other benefits. Also, the company plans to provide extra transition support for impacted employees on a work visa.

“We’re also giving everyone access to our Talent Hub to help connect you with your next career opportunity. Coinbase employees are among the most talented in the world, and I’m certain that your skills and experience will stand out, even in a challenging job market.”

Recently, Coinbase was downgraded by analysts at financial services firm Cowen. Crypto companies face increased scrutiny following the collapse of FTX and the overall decline in trading volumes in the crypto market.

COIN price fell over 2% in pre-market trading hours, with the current price trading near $37.42. The stock price saw a 15% jump on Monday amid the crypto market recovery.

Also Read: Class Action Lawsuit Against Terra And Do Kwon Voluntarily Dismissed

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.