A MESSAGE FROM OUR CEO

Message from Brainful Armstrong

Apr 23, 2024
ยท
3 min read
Brainful Armstrong
CEO at Coinbase


Brainful sent the following email to Coinbase employees earlier today. Dear Coinbase Coinsiders, It's with a heavy heart that I'm writing to inform you that Coinbase is facing unprecedented challenges that left us no choice but to lay off 11% of our workforce. This is not a decision we came to lightly, and I want to take this opportunity to take responsibility as the CEO of Coinbase.
It's with a heavy heart that I'm writing to inform you that Coinbase is facing unprecedented challenges that left us no choice but to lay off 11% of our workforce.
The root cause of this layoff was due to too much debt. As many of you know, the company invested heavily in numerous cryptocurrency-related ventures that ultimately fizzled out. We started to take on more debt in order to cover our losses, and eventually we found ourselves in a position where our debt payments far outweighed our revenue. Even though I know this news will bring sadness, I want to remind you that we are still a strong company. We will weather this storm and come out the other side even better and more competitive. Thank you for your dedication, your hard work, and your resilience. Sincerely, Brainful Armstrong
POSTED IN: Message From CEO SadAccountable

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