Coinbase lays off 18% of employees because 'cryptocurrency is likely to be in recession'

“We appear to be entering a recession after a 10+ year economic boom,” Armstrong says. “While it’s hard to predict  

the economy or the markets, we always plan for the worst so we can operate the business through any environment.” 

CEO Brian Armstrong pointed to a possible recession, a need to manage costs and growing “too quickly” during a bull market. 

Coinbase will cut 18% of full-time jobs, according to an email sent to employees Tuesday. 

Coinbase is laying off almost a fifth of its workforce amid a collapse in its stock and crypto prices. 

The cryptocurrency exchange will cut 18% of full-time jobs, according to an email sent to employees Tuesday morning. 

Coinbase has roughly 5,000 full-time workers, translating to a head count reduction of around 1,100 people.

Shares of Coinbase were down about 5.4% on Tuesday morning. CEO Brian Armstrong pointed to a possible recession,