Coinbase

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

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

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a potential decline "could lead to another cryptosime."

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

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

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

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

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