Japan Unit Of Coinbase Cuts Workforce As Part Of The Recently 25% Layoffs Round

Key Points:

• In an effort to reduce employees by 25% in the face of a protracted downturn in the digital asset markets, Coinbase is cutting its headcount in Japan.
• The reason the Japan unit said the cut was because of current market conditions. Currently, the exchange is one of the major exchanges but is still affected by this event.
• Previously, Coinbase Global had laid off around 950 people, according to CEO Brian Armstrong. He said that several projects with a reduced chance of success would be abandoned.

Amid a protracted downturn in the market for digital assets, the US-based cryptocurrency exchange Coinbase is cutting its employment in Japan as part of a wider initiative to lay off 25% of its workforce, as per a Bloomberg report.

After the crisis caused by FTX, crypto companies are struggling with a difficult financial landscape. Currently, Coinbase is one of the major exchanges but is still affected by this event.

The news has been confirmed by a spokesperson for the Japan unit. However, it does not specify how many local employees are impacted.

“Due to current market conditions, our company has made the difficult decision to reduce our workforce in Japan. No decisions have been made at this time beyond the reduction in workforce. We are carefully evaluating all options and will communicate any further updates as they become available.”

As Coincu reported, in order to survive the industry downturn, San Francisco-based Coinbase Global is laying off around 950 people, according to Chief Executive Officer Brian Armstrong. He also said that a number of projects with a reduced chance of success would be abandoned.

Coinbase said in June that it would fire 18% of its staff or about 1,200 people. In November, 60 further posts were cut.

According to just announced news, Nikhil Wahi, the brother of Ishan Wahi, a former product manager at Coinbase, entered a guilty plea and was guilty to 10 months in prison for using his family ties to engage in insider trading of cryptocurrency tokens.

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