Coinbase, a publicly traded exchange and one of the largest global crypto marketplaces, slashed 18 percent of its workforce this week to brace for the slide. | Richard Drew/AP Photo
By Sam Sutton
06/18/2022 07:00 AM EDT
Crypto’s growing influence in Washington is in danger of fading as the market collapses and the industry shrinks.
Coinbase, a publicly traded exchange and one of the largest global crypto marketplaces, slashed 18 percent of its workforce this week to brace for the slide. Billionaires Cameron and Tyler Winklevoss said they would lay off one-tenth of the workforce at their exchange. Even Crypto.com, which signed a $700 million deal to put its name on Los Angeles’s NBA arena just seven months ago, has cut 260 of its staff through “targeted reductions.”
“We grew too quickly,” Coinbase CEO Brian Armstrong wrote in a company blog post.
That could be said for the entire digital asset market, which has seen more than two-thirds of its value evaporate since peaking at $3...
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