• Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market.
• As part of this restructuring, the company had already slashed its headcount by 18% due to the uncertainty in market conditions.
• Coinbase CEO Brian Armstrong cited the recession as he announced the layoffs.
Coinbase, one of the world’s leading cryptocurrency exchanges, recently announced that it will be closing down most of its operations in Japan as part of its efforts to survive in the bear market. This decision follows the recent announcement that the firm would reduce its employee count by 20%.
In an interview with BNN Bloomberg, Coinbase Executive Vice President of International and Business Development, Nana Murugesan, said that the firm decided to “wind down” the majority of its operations in Japan. Murugesan did not offer any specifics on the closure, but did mention that a small number of employees in the Japanese branch will remain to ensure that customer assets are secure.
When asked by Bloomberg about potential mergers and acquisitions, a Coinbase spokesperson said they are currently evaluating all options. “We are carefully evaluating all options and will communicate any further updates as they become available,” they said.
The restructuring is part of a larger effort by Coinbase to survive in the bear market. On June 14, the crypto exchange slashed its headcount by 18% due to the uncertain market conditions. In a public announcement, Coinbase CEO Brian Armstrong cited the recession and the fact that employee costs had become too high to manage effectively.
Coinbase is not the only cryptocurrency firm that has been affected by the bear market. In recent months, many firms have had to reduce their headcount or close down operations completely in order to remain competitive. Despite these challenges, Coinbase remains committed to providing its customers with the best possible service and resources.