Crypto platform Coinbase to lay off 18pc of staff

NEW YORK, June 14 — Digital currency exchange Coinbase said Tuesday it will lay off 18 per cent of staff, citing tight economic conditions and overly rapid expansion as the cryptocurrency market tumbles.

“We appear to be entering a recession after a 10+ year economic boom.” Bitcoin sank Monday to an 18-month low under US$23,000 amid a broad cryptocurrency crash, as investors shunned risky assets in the face of a vicious global markets selloff, just seven months after the virtual unit surged to a record high.

The company believes “managing our costs is critical” while the market experiences a downturn, Armstrong said, noting the company has already weathered several periods of decline in cryptocurrency value.

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