Bitcoin exchange In an effort to survive the bear market, Coinbase will wind down the majority of its operations in Japan. The action is a part of the company’s restructuring plan and comes after the news that it would lay off 20% of its workforce recently.
The majority of Coinbase’s operations in Japan will be shut down, according to executive Nana Murugesan in an interview with BNN Bloomberg. According to Murugesan, “We’ve decided to wind down the most of our operations in Japan, which resulted in the elimination of the majority of the roles in our Japan business.”
The executive did not go into specifics, but he did mention that a few staff members from the Japanese branch will remain to ensure the safety of customer assets.
Although the cryptocurrency exchange declined to comment on mergers and acquisitions, a Coinbase spokeswoman told Bloomberg that they are exploring all of their options. They stated, “We are carefully weighing all of our alternatives and will convey any additional developments as they become available.
The cryptocurrency exchange had reduced its workforce by 18% on June 14 due to the hazy state of the market. At the time, Brian Armstrong, CEO of Coinbase, claimed that due to the company’s rapid growth and high labour costs, the company was unable to adequately navigate the hazy market environment. When announcing the layoffs, Armstrong also mentioned the economic.
During the crypto winter, Coinbase is not the only cryptocurrency trading firm to lay off staff. Huobi, a cryptocurrency trading platform, also said on January 6 that it intends to lay off 20% of its workforce, blaming market conditions. In order to survive the bear market, Bybit exchange also announced a second round of layoffs on December 4. In the midst of the crypto winter, Bybit CEO Ben Zhou revealed a reorganization plan, which led to the layoffs.