Why did Coinbase lay off 20 percent of its employees?

Gabby Jones for The New York Times Coinbase, the cryptocurrency trading platform, said on Tuesday that it would lay off about 20 percent of its employees, its latest move to cut costs as crypto markets decline and tech companies lower their expectations for growth.

How will Coinbase's NFT freeze affect employees?

Brock notes that the freeze will also affect backfills, or the employees hired to replace workers leaving the company. It excludes those hired to fill roles in “security and compliance,” however. Coinbase is also contending with a lackluster response to the social NFT marketplace it launched widely in May.

Is Coinbase firing 950 employees?

Watch: Coinbase Global Inc. is firing about 950 employees, or 20% of its workforce. Source: Bloomberg Coinbase Global Inc. is firing about 950 employees, or 20% of its workforce, as the worsening crypto slump spurs another round of layoffs at the biggest US digital-asset exchange.

Which tech companies are slowing down hiring?

Tech giants including Meta and Amazon have been slowing down their hiring for months, while smaller tech companies such as Robinhood and Coinbase have announced layoffs. But rarely have so many job cuts and hiring freezes in the industry been disclosed on the same day.