January 1, Recession Fears Trigger Layoffs

Cryptocurrency exchange Coinbase Global announced that it was laying off approximately 1,100 full-time jobs — about 18% of its workforce.

Coinbase CEO and co-founder Brian Armstrong said managing costs would be critical with the possibility of recession leading to a crypto winter.

Coinbase isn’t the only crypto company to implement layoffs amid fears of a recession this month.

On Monday, crypto lender BlockFi said it was reducing its headcount by roughly 20% after being “impacted by the dramatic shift in macroeconomic conditions worldwide.”

The Winklevoss twins’ Gemini Trust Co. announced it was laying off 10% of its staff.

Crypto.com also said it was downsizing. Last year, the crypto exchange reportedly spent $700 million to have Staples Center in Los Angeles renamed Crypto.com Arena for the next 20 years.

Conversely, Binance CEO and co-founder Changpeng Zhao says that now is a great time for hiring and acquisitions.