Coinbase CEO says it is laying off 18% of its workers

Coinbase CEO Brian Armstrong said today that the company will reduce its workforce by 18% — nearly 1,100 people — to “stay healthy during this economic downturn.”
The crypto exchange, which went public last year with share prices touching the $350 mark, has lost momentum and is trading at nearly $52 per share with a market cap of under $12 billion at the time of writing.
In a blog post, Armstrong said he has had multiple conversations with his management team over the last month to arrive at this decision. He said that rapidly-changing economic conditions, managing costs in down ma

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