Cryptocurrency exchange Coinbase reduces its activities in Japan


Coinbase decided to stop most of its activities in Japan after reviewing the current state of its international investments in the crypto-assets market. According to Bloomberg, Coinbase Vice President of Business Development and International Relations Nana Murugesan confirmed that the Japanese wing had been laid off as part of this process. He did not explain how many employees were laid off, but said several would remain to ensure the safety of clients' assets. Moreover, Coinbase is in a transition period until the conclusion of negotiations with the Japanese financial services agency; Nao Kitazawa, executive director in Japan, is taking part in these talks and will soon decide on further measures. Besides, Coinbase is laying off about 1,000 people worldwide due to the failures faced by the sector.  According to CEO Brian Armstrong, this step must be taken if the company is to survive these difficult times, and it is also cutting back on projects whose return on investment is projected to be low.  These layoffs should help reduce operating costs by 25%. Due to the economic downturn, Coinbase has already reduced its staff by a thousand people, and during the last reduction, another 60 employees from the recruitment and attraction team of institutional clients were laid off. CEO Armstrong noted that the company's staff was too large for its structure, so these layoffs were aimed specifically at making the company function more optimally.

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