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CEO Brian Armstrong admits the company "grew too quickly." By Parikshit Mishra Jun 14, 2022 at 12:17 p.m. UTC Updated Jun 14, 2022 at 7:51 p.m. UTC CoinDesk - Unknown Parikshit Mishra Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings. Follow @parikshitm899 on Twitter Coinbase Global (COIN) is laying off around 1,100 employees as part of a cost cutting plan, the company said in a filing on Tuesday. Coinbase initially said in May it was paring back its hiring plans and then later said it would rescind new job offers. * The latest plan involves cutting the workforce by around 18% as of June 10, after which it will have around 5,000 total employees as of the end of the current quarter, the company said, adding that it expects the plan to be executed by the end of the second quarter. Coinbase estimated it would incur $40 million to $45 million in total restructuring expenses. * On Tuesday morning, Coinbase CEO Brian Armstrong published a note that was shared with all employees. * "We appear to be entering a recession after a 10+ year economic boom," Armstrong stated, before alluding to the potential of another crypto winter. * The note concedes that the company "grew too quickly" in the cryptocurrency bull market, scaling from 1,250 employees at the start of 2021. * Outgoing Coinbase employees received the news in their personal email addresses after access was cut from Coinbase systems, according to the note. * Coinbase shares are down almost 80% this year as the sharp decline in crypto prices has hurt the exchange's transaction volumes. On Tuesday morning, shares of Coinbase rose about 1% in pre-market trading after the layoff news was announced. However, in regular trading shares were down about 3% to $50.40. * In response to the announcement, Mizuho lowered its 2022 revenue estimates for Coinbase and reduced its price target from $60 to $45. It said it was concerned cutting workers could hurt efforts to find new revenue streams, potentially leading to a pricing war with rivals as competition rises. * Coinbase is the latest in a slew of crypto companies to announce job cuts. On Monday, lending platform BlockFi reduced its headcount by 20% while crypto exchange Crypto.com slashed over 400 jobs. Prior to that, the Winklevoss-led exchange and custodian Gemini announced it was cutting 10% of its workforce, and Middle Eastern exchange Rain said it was cutting dozens of jobs. * The cryptocurrency market is enduring its deepest correction for more than two years, with bitcoin trading at $22,150, 68% lower than its all-time high of about $69,000 reached last November. Read more: Crypto Firms, Especially Exchanges, Slash Jobs as Market Rout Continues UPDATE (June 14, 12:57 UTC): Added details on the note distributed to Coinbase staff, context on job cuts at other companies and market information in final bullet point. UPDATE (June 14, 13:40 UTC): Added information about Coinbase's stock price. UPDATE (June 14, 16:54 UTC): Added Mizuho reaction. --------------------------------------------------------------------- Read more about CoinbaseJobs The Festival for the Decentralized World Thursday - Sunday, June 9-12, 2022 Austin, Texas Save a Seat Now --------------------------------------------------------------------- Logo of BTCBTC$21,581.96 4.87% Logo of ETHETH$1,175.81 2.39% Logo of BNBBNB$217.82 1.44% Logo of XRPXRP$0.315126 2.36% Logo of BUSDBUSD$0.999906 0.08% --------------------------------------------------------------------- View All Prices --------------------------------------------------------------------- Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas. [ ] Sign Up By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy. DISCLOSURE Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. CoinDesk - Unknown Parikshit Mishra Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings. Follow @parikshitm899 on Twitter CoinDesk - Unknown Parikshit Mishra Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings. Follow @parikshitm899 on Twitter --------------------------------------------------------------------- Logo of BTCBTC$21,581.96 4.87% Logo of ETHETH$1,175.81 2.39% Logo of BNBBNB$217.82 1.44% Logo of XRPXRP$0.315126 2.36% Logo of BUSDBUSD$0.999906 0.08% --------------------------------------------------------------------- View All Prices Trending 1 CoinDesk - Unknown Layer 2 Consensus 2022 Consensus 2022 Was the Crypto Bull Market's Goodbye Party Attendees basked in the scorching Texas heat as crypto winter descended on the industry. CoinDesk - Unknown By Cheyenne Ligon Sponsored Jun 14, 2022 at 10:49 p.m. UTC Jun 14, 2022 Consensus 2022TexasCrypto WinterBull MarketBear market 2 CoinDesk - Unknown The Breakdown, With NLW The breakdown The Second Horseman of the Cryptopocalypse Celsius joins Terra in driving the market to new lows. CoinDesk - Unknown By Nathaniel Whittemore Sponsored Jun 14, 2022 at 9:46 p.m. UTC Jun 14, 2022 The BreakdownPodcastsCelsiusDeFiCrash 3 CoinDesk - Unknown Policy Sec SEC Launches Inquiry Into Insider Trading at Crypto Exchanges: Report The agency has sent a letter to at least one major crypto exchange asking about its safeguards, according to Fox News. CoinDesk - Unknown By Nelson Wang Sponsored Jun 14, 2022 at 9:16 p.m. UTC Jun 14, 2022 SECInvestigationInsider Trading 4 CoinDesk - Unknown Static CoinDesk DACS Digital Asset Classification Standard CoinDesk - Unknown By CoinDesk Staff Sponsored Jun 14, 2022 at 9:03 p.m. UTC Jun 14, 2022 About AboutMastheadContributorsCareersCompany News Stay Updated EventsNewslettersFollow Get In Touch Contact UsAdvertiseAccessibility HelpSitemap The Fine Print Ethics PolicyPrivacyTerms Of UseDo Not Sell My Personal Information --------------------------------------------------------------------- Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. (c)2022 CoinDesk English