Whereas, Coinbase CEO in early 2021 cited over-hiring for the expansion of the Nasdaq-listed American crypto trading platform. 

However, later the economic outlook is not encouraging the business to survive in case the recession is will stay for much longer. 

Further, Armstrong stated that the lay of staff is to cut costs and drive improved efficiency across the board. 

He stated: 

“As we operate in this highly uncertain period in the world, we want to ensure we can successfully navigate a prolonged downturn,” Armstrong said in the note shared with all of the company’s staff.

Coinbase Woes is Across-the-board!

Coinbase stock is presently trading at $51.86, down from over $300 when it made its debut on the Nasdaq back in April 2021 at the time of scripting. 

Furthermore, the hit the company is taking is similar to the other tech firms around the world. Coinbase said it needed to be strategic. The reason why they want to be strategic is that a downtrend will impact its primary revenue source, which is high trading volumes.

In addition, the hints about cutting down on staffing were first given by President Emilie Choi. She unveiled plans to stop absorbing new recruits into the Coinbase workforce. 

It is clearly modeled the similar move made by Gemini, which cut back 10% of its employees earlier this month. However, Coinbase promises optimal compensation and support to all affected staff.

Read More: Coinbase Exchange Leaps as Fortune 500 Company

The post Coinbase Lays Off Employees By 18% As Market Outlook Remains Gloomy appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Bitfinex Pay can be placed on a website as a widget. Then, by clicking on it, customers go to the payment gateway that allows them to use crypto. Merchants will receive payments from their customers to their wallets on the Bitfinex platform, the announcement says. At the moment, the widget allows accepting payments in Bitcoin (BTC) and Lightning Network BTC (LN-BTC), Ethereum (ETH), and Tether (USDT).

Bitfines ranks fifth on CoinMarketCap.com by traffic, liquidity, and trading volume. The exchange has recently appeared in the news as the New York Attorney General Letitia James required Bitfinex and Tether to stop trading in New York State. Along with halting their operations, the firms also will pay an $18.5 million fine, Decrypt says. As per the source, the investigation into the firms led to the conclusion that companies misrepresented the backing of Tether by US dollar.  

Some of the leading crypto exchanges also offer cryptocurrency payment technology. For instance, Binance recently launched Binance Pay. Moreover, Coinbase’s service Coinbase Commerce integrates with Shopify and WooCommerce stores.

The post Bitfinex announces the launch of crypto payment technology appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.