This staff reduction comes after Coinbase started rescinding job offers that had already been accepted by candidates. The sudden change left even some visa holders in limbo as well as others who’d bypassed other opportunities or arranged to leave their previous jobs. In a report yesterday, Motherboard counted over 300 people whose offers were rescinded.

Other cryptocurrency firms like BlockFi, Crypto.com, and Gemini have also announced layoffs recently after the price of Bitcoin has gone down in each of the last 12 weeks and now sits around $21,884 after peaking at about $69,000 last November.

In the blog post, Armstrong says, “In the next hour every employee will receive an email from HR informing if you are affected or unaffected by this layoff.” Those being let go will get at least 14 weeks of severance plus an additional two weeks for every year of employment after their first — plus four months of COBRA health insurance in the US and four months of mental health support globally as well as access to its talent hub that is supposed to try and help them find new jobs.

Coinbase is laying off 1,100 employees as Bitcoin prices continue to fall (TheVerge)