Coinbase Global Inc. Cryptocurrency Replacement COIN -1.00% say they laid off

almost a fifth of their employees because the company is growing so fast

a potential decline "could lead to another cryptosime."

The company said on Tuesday that as part of its efforts to manage operating costs

it will reduce the number of its employees to 1,100 employees, ie about 18% of employees.

 In a letter to all employees, CEO Brian Armstrong said that

"our staff costs are too high to effectively manage this precarious market."

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