What the wave of layoffs says about the value of crypto exchanges

The crypto sell-off of the last several days was preceded by staffing cuts at several companies in the business of facilitating the trading of decentralized assets and tokens. Reductions at Gemini and Crypto.com were superseded today by news that Coinbase is cutting more than 1,000 staff. Given that Coinbase and other crypto exchanges were high-flying success stories of 2021, the retreat may feel surprising.
How could companies like Coinbase, which reported massive growth and huge profits last year, now be in a position where they would need to slash staffing? This isn’t to overly focus

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