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.

According to the website of the Crypto Council for Innovation, the alliance aims to increase awareness of the various benefits of cryptocurrencies to regulators and policymakers. The website mentions such benefits as boosting economic growth, creating jobs, improving privacy, and improving financial inclusion. In particular, the group aims to generate more awareness about crypto and its benefits. Achieving this would involve educating policymakers, establishing government relations, and performing research in the crypto space, the website says.

Some altcoins have performed very well in the past week. As a result, on Monday, April 5, the price increase of many tokens at once has pushed the crypto market cap over $2.02 trillion, although it is now down to around $1.88 trillion, per CoinMarketCap.com data.

The establishment of the Crypto Council for Innovation also comes during the time of increasing adoption of cryptocurrencies by institutions. Cryptocurrencies are part of portfolios of companies like Tesla, MicroStrategy, Square, and Meitu. Moreover, Goldman Sachs and Morgan Stanley recently started offering digital investment support for their wealthy clients.

The post Large crypto-related companies form an alliance to lobby policymakers appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.