Coinbase to shed 25% of global workforce with Irish jobs in firing line

Coinbase, one of the world’s biggest crypto asset exchanges, has announced plans to shed up to 950 jobs globally, 25 per cent of its global workforce with a number Irish staff expected to be impacted. 

 

In a blog post on Tuesday, the company’s chief executive, Brian Armstrong, said the US-listed company cited the ongoing decline in crypto trading volumes and asset prices coupled with a broader economic downturn as the main reason for Coinbase’s latest cost-cutting push. 

 

It follows a round of cuts last summer amounting to 18 per cent of the company’s total workforce. 

 

The company employs more than 100 people in Ireland, most of them in customer service. The precise number of Irish jobs expected to be lost is not yet clear, however, it is understood the cuts here will be broadly in line with 25 per cent global figure. 

 

Coinbase has been approached for comment. 

 

In the blog post, Mr Armstrong said that Coinbase remains “well capitalised” and that “crypto isn’t going anywhere” despite the significant upheaval in the market over recent months and the collapse of high profile operators within the industry including FTX. 

 

He said that Coinbase will also be “shutting down several projects where we have a lower probability of success”. 

 

“In 2022, the crypto market trended downwards along with the broader macroeconomy. We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion,” Mr Armstrong said. 

 

The Irish Times