With the crypto market having seen a tremendous increase in the past few years, crypto exchange companies have grown exponentially as well. Exchange companies such as Gemini Trust Co, BlockFi, and now Coinbase will be laying off staff as a result of the fact they “grew too quickly” CEO Brian Armstrong explains. Coinbase will be laying off 18 percent of its staff cutting over 1,100 workers in the US.
Why Are Exchange Companies Laying Off Staff?
Many are worried that the layoffs will heavily reduce trading with Coinbase’s stock price having decreased over 35 percent since May. Coinbase’s CEO fears that the world appears to be entering a recession after a ten-year economic boom. A scenario that could lead to a crypto winter.
Armstong continues by saying: "employee costs are too high to effectively manage this uncertain market" and over "the past few months, adding new employees has made us less efficient, not more,”.
The crypto crash saw a decline in major currencies like Bitcoin (BTC) and Ethereum (ETH) forcing many exchanges to abandon their growth plans. Bitcoin’s price has dropped by nearly 60 percent since its all-time high leaving Coinbase with a first-quarter net loss of $430m.
The company has been in discussions recently due to staff raising concerns about the company’s leadership, with Coinbase employees signing petitions for the resignation of three senior executives. Armstrong recently lashed out on Twitter by expressing that it is not the executive's fault and that if the company is not the right fit for people they should go and work at other places that appreciate their talents and perspective.
Coinbase supports over 100 cryptocurrencies making it one of the most well-known and biggest exchange platforms. Although, it had seemed as if Coinbases’ growth was not at a sustainable rate leaving many people questioning their future positions.
Even though the market has been volatile all around the world, new cryptocurrencies are entering the market with new features striving for supremacy.
Logarithmic Finance (LOG) is an upcoming token, currently in its presale phase with ambitions to become one of the next-generation layer three swapping protocols designed and built to promote seamless connectivity between early-stage innovators and investors.
The platform gives innovators the chance to create a pool, select their blockchain and pay a percentage of fees for the total liquidity raised from the share of auctioning tokens reserved for LOG holders and others.
It also allows investors to create a pool by adding the basic details for the tokens name, ticker, total auctioned supply, and other features and define the auction parameters, swapping ratio, and percentage discount for LOG holders. Investors can then register the pool on a particular blockchain network that fulfils their requirements. In the last phase, investors have the opportunity to participate in a particular pool and enter the amount of base or auctioning tokens that they want to purchase. The platform offers fully homomorphic encryption, on-chain data, cross-chain, and multi-chain integration as well as NFT swaps.
If these attributes sound appealing to you make sure to click on the links down below.
Why You Should Consider AMP
Amp is a collateral token that allows easy and quick transfers in real-world applications. Essentially it is an extensible platform for collateralising asset transfers. By staking Amp any form of value exchange can be guaranteed including fiat currency exchange, digital payments, loan distributions, property sales, and more. Amp decentralises the risk of asset transfer with the network offering a variety of built-in incentive models.
With the Coinbase layoffs creating some uncertainty in the market, it would be smart to consider presale tokens like Logarithmic Finance (LOG) or already established tokens such as AMP.
Logarithmic Finance (LOG)