How Affected Employees will be Compensated
Brian Armstrong also stated that the company would compensate workers affected very well. After highlighting the effects on Coinbase stocks, workers affected by the layoffs will receive a private email informing them about the decision.
"We will be providing a comprehensive package to support you through this transition. For those of you in the US, this includes a minimum of 14 weeks base pay (2 additional weeks per year worked), health insurance, and other benefits. We are also providing extra transition support for impacted employees on a work visa. Those of you outside the US will receive similar support in line with the employment laws of your country," Brian Armstrong said.
Coinbase joins the long list of crypto-based companies retrenching workers. Huobi is one of the exchanges rumored to have plans to fire many employees as internal strife continues.
