the american stock market base of coins has drawn up a restructuring plan involving redundancies. The crypto firm has laid off almost 1,100 employees, or about 18% of your current template. The main reasons for this decision include concerns about a financial downturn and macroeconomic conditions.
base of coins reduced its workforce by 18%
base of coins recently announced that it would freeze the hiring process after the start of the bear market and macroeconomic conditions. The cryptocurrency exchange still appears to be under heavy economic pressure after confirming losses in Q1 2022 earnings reports.
According to the report Axios, base of coins confirmed in a press release thatshe would say goodbye 18% his staff. One of the main reasons for this decision seems to be the financial recession. A recession is a period of decline in the general economic condition of a country or the world, that is, a period of reduced commercial and industrial activity.
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According to the announcement, base of coins deployed a restructuring plan which “involves a reduction in the Company’s workforce of approximately 1,100 employees, representing approximately 18% of the Company’s global workforce as of June 10, 2022, after which the Company expects to have approximately 5,000 employees in total at the end of your current tax year. quarter, June 30, 2022.”
The press release also indicates theThe company expects execution of the plan to be substantially complete in the second quarter of 2022.
More and more layoffs with swaps cryptos
The cryptocurrency market has fallen this year, peaking at around $3 trillion in November. On Monday, it fell more than 12% to less than $1 trillion. Bitcoin has fallen for almost 12 consecutive weeks, the most strong decrease in assets throughout his life.
Therefore, it seems that base of coins It is not the only company that has made layoffs. The cryptocurrency exchange Gemini also recently fired 10% of your workforcewith about 100 people out of work. Gemini expects current market conditions to hold as Bitcoin dips below $27,000 in the past few hours.
Bonus: BlockFi and Crypto.com are laying off staff amid crypto market crash.
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