This is an email I sent earlier today to all employees at Coinbase (6 minute read) (opens in new tab)

Coinbase is firing around 14% of its employees. While the company is well capitalized, has diversified revenue streams, and is well-positioned to weather any storm, the business is still volatile from quarter to quarter. The market is currently down, so the company needs to adjust its cost structure. The downsizing will allow Coinbase to emerge from this period leaner, faster, and more efficient for its next phase of growth.