Coinbase, the biggest cryptocurrency in the United States, might be planning another job cut for employees as the signs of a lasting crypto winter are increasing. The firm recently laid off many employees.

Coinbase to cut almost a fifth of staff

According to a report from Financial Times, Coinbase is planning on releasing a fifth of its staff as per the statement from an executive at the firm at “The Next Web” conference in Amsterdam on Friday. The executive added that more jobs can be cut owing to the uncertainty in the market while also adding, “We don’t anticipate it at this time.”

Interestingly, the major crypto exchange has been finding it difficult to make its way across the bearish market and it seems that there are possibilities of other firms taking similar steps. As per the firm’s disclosure to the SEC, Coinbase had laid off nearly 1100 employees as the CEO of the firm, Brian Armstrong believes that the firm “grew too quickly.”

“In past crypto winters, trading revenue (our largest revenue source) has declined significantly,” said the CEO in the filing at that time. The plan is to reduce the workforce by a fifth to cut costs and expenditure.

Other firms in similar situations

Multiple crypto exchanges seem to be in a similar situation as recently. Crypto.com and Gemini also confirmed that they have let many employees go. Commenting on the issue, Binance CEO Changpeng Zhao posted on Twitter that Binance is actively recruiting amidst the bearish market and is not letting any employee leave the firm. Similarly, the CEO of Ukraine-based decentralized staking provider Everstake, Sergey Vasylchuk, revealed that the firm will continue to hire new employees despite the crypto market crash.