• About Us
  • Write For Us
  • Advertising
  • Support
  • Contact Us
October 2, 2023 1:28 pm CDT
Heartland Newsfeed
  • Illinois
    • Local
      • Capital Area
      • East Central Illinois
      • West Central Illinois
    • Regional
      • Chicagoland
      • Metro-East
      • Northern Illinois
      • Quad Cities
      • Southern Illinois
    • Obits
    • Executive Watch
    • Legislative Watch
    • Road Conditions
      • Illinois
    • Weather Closings
      • Central Illinois
  • Missouri
    • Regional
      • Northeastern Missouri
      • East Central Missouri
      • St. Louis Metro
      • Southeast Missouri
    • Executive Watch
    • Legislative Watch
    • Weather Closings
      • Greater STL Metro (IL/MO)
    • Road Conditions
      • Missouri
  • Weather
  • National
  • World
  • Sports
  • Entertainment
  • OPINION
  • Radio
    • Affiliates
    • Network Schedule
    • Network Streams
    • Podcasts
  • Features
    • Business Directory
    • Classifieds
      • Current Ads
      • Job Board
        • Job Listings
        • J2CTalroo
        • Post a Job
        • Receive Alerts
        • ZipSearch
    • Community Calendar
    • Live Video
    • Newsfeeds
    • Puzzles & More
  • Store
  • Deals
  • Calendar
No Result
View All Result

No products in the cart.

Heartland Newsfeed
No Result
View All Result

Coinbase to lay off more than 900 employees

Clyde Hughes, United Press International and United Press International by Clyde Hughes, United Press International and United Press International
January 12, 2023
in Business & Lifestyle, Business News, Financial News
Reading Time: 3 mins read
Donate
0
Coinbase
JOHN ANGELILLO/UPI FILE PHOTO Coinbase, the first crypto exchange to be publicly traded, blamed “market conditions” for its move and said it will incur $149 million to $163 million in restructuring efforts, including severance packages and termination benefits.

SAN FRANCISCO (UPI) — Coinbase, one of the world’s top cryptocurrency trading platforms, announced Tuesday it will be laying off more than 900 workers in the face of slowing global interest in digital currencies.

The company, the first crypto exchange to be publicly traded, blamed “market conditions” for its move to eliminate about 950 jobs. It said in the Securities and Exchange Commission filing that it will incur $149 million to $163 million in restructuring efforts, including severance packages and termination benefits.

“As we examined our 2023 scenarios, it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario,” Coinbase CEO Brian Armstrong said to employees in a message Tuesday.

“While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount. As part of a headcount reduction like this, we will be shutting down several projects where we have a lower probability of success.”

Armstrong said other projects will continue to operate as normal with fewer people on the team.

“The estimates of the charges and expenditures that the company expects to incur in connection with the plan, and the timing thereof, are subject to a number of assumptions, including local law and consultation requirements in various jurisdictions, and actual amounts may differ materially from estimates,” Coinbase said in the filing.

The announcement comes as the company started to face recent financial headwinds. Earlier this month, the New York State Department of Financial Services said Coinbase will pay $50 million to settle charges it failed to conduct proper background checks on new user accounts and another $50 million to bolster its compliance program.

Last July, former Coinbase product manager Ishan Wahi, his brother Nikhil Wahi and friend Sameer Ramani were charged with insider trading for a scheme in which they planned to trade ahead of announcements on which crypto assets would be made available for trading on the platform.

The news also comes after another cryptocurrency exchange FTX Group announced Chapter 11 bankruptcy and its CEO Sam Bankman-Fried jailed on fraud accusations.

Clyde Hughes, United Press International
Website | + posts

Clyde Hughes, based in Atlantic City, N.J., curates the biggest breaking news of the day from around the United States and the world. He holds a communications degree from Lamar University in Beaumont, Texas and has studied race reporting at the Poynter Institute. He is a longtime, but often disappointed, fan of the Dallas Cowboys and Houston Astros.

  • Clyde Hughes, United Press International
    https://www.heartlandnewsfeed.com/author/chughes/
    Murdoch to step down as chair of Fox, News Corp.
  • Clyde Hughes, United Press International
    https://www.heartlandnewsfeed.com/author/chughes/
    Federal Reserve starts new instant payment system
  • Clyde Hughes, United Press International
    https://www.heartlandnewsfeed.com/author/chughes/
    Google spins off Aalyria telecom project
United Press International
+ posts

United Press International is an international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the 20th century.

  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Amazon to hire 250,000 workers for holidays
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    14 dead after plane crashes in Amazon
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Samsung announces disappointing 3Q results
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Federal Reserve raises interest rate by 0.75%

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • Reddit
  • Tumblr
  • Telegram
  • Print
  • Email

Like this:

Like Loading...
Tags: Brian Armstrongbusiness newsCoinbasefinancial newsFTX GroupIshan WahiNew York State Department of Financial ServicesNikhil WahiSam Bankman-FriedSameer Ramani
Share199Tweet124Share5Send
  • Workforce training center opens in Litchfield

    1497 shares
    Share 599 Tweet 374
  • Missouri law to crack down on porch pirates

    980 shares
    Share 392 Tweet 245
  • Missouri Dems critical of proposed tax cut

    959 shares
    Share 384 Tweet 240
  • No management pay raises in UPS deal

    917 shares
    Share 367 Tweet 229
  • McARDLE PAPERS: The most corrupt committee in the national Libertarian Party

    915 shares
    Share 366 Tweet 229

OPERATING HOURS

Online all the time 
Office Hours: 8 AM to 8 PM

Sitemap | Published Press | Privacy Policy
Staff Email | Independent Media | Buy traffic for your website

LIVE WEBSITE VIEWERS

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

No Result
View All Result
  • News
    • Politics
    • Business
    • World
    • Science
  • Entertainment
    • Gaming
    • Music
    • Movie
    • Sports
  • Tech
    • Apps
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Food
    • Fashion
    • Health
    • Travel

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

WP Radio
WP Radio
OFFLINE LIVE
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
%d bloggers like this: