Coinbase Announces Its Recovery Plan
Cryptocurrency exchange Coinbase, which was heavily affected by the collapse in the cryptocurrency market, announced that its 3-fold growth plan was suspended and business purchases were stopped in order to cut spending.
Coinbase announces its recovery plan. After the Fed’s decision to raise interest rates and the Terra coup, cryptocurrency markets regressed. One of the most affected by this decline was the US-based crypto exchange Coinbase.
While talking about whether Coinbase will go bankrupt, a statement came from the company. Noting that its growth plans were postponed to get through the critical period, the company announced that it temporarily stopped hiring people.
The Information, on the other hand, stated that the company has launched a new plan to return from the brink of bankruptcy. According to details shared by The Information, internal emails talked about reducing spending on cloud services and gas fees, along with a two-week freeze on hiring and other cost-cutting measures.