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WEKU
WEKU
Jaclyn Diaz

Coinbase lays off 18% of its workforce. The CEO cites an upcoming crypto winter

Coinbase Crypto Brian Armstrong Cryptocurrency United States
The mobile phone icon for the Coinbase app is shown in New York on April 13, 2021. (Richard Drew/AP)

The cryptocurrency exchange platform Coinbase laid off about 18% of its workforce — or about 1,100 people — on Tuesday, the company announced.

Coinbase CEO and cofounder Brian Armstrong blamed an impending recession in the U.S. and an upcoming "crypto winter" as the reasons for the company to be making these drastic cuts. A "crypto winter" is when prices "contract and remain low for an extended period," according to Forbes.

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