Coinbase Shuts Down Most Crypto Services In Japan After Round Of Global Job Cuts Coinbase

[ad_1]

Nasdaq-listed cryptocurrency exchange Coinbase is closing most of its operations in Japan after announcing another round of job cuts around the world. “Despite all that we have been through as a company and industry, I am still optimistic about our future and the future of crypto,” Coinbase CEO Brian Armstrong insisted.

Coinbase shuts down majority of Japanese operations

Cryptocurrency exchange Coinbase is shutting down most of its operations in Japan, Nana Murugesan, vice president of business and international development, revealed in an interview with Bloomberg on Wednesday. He said:

We have decided to end the majority of our operations in Japan, which has led to the elimination of most positions in our Japanese entity.

Coinbase has partnered with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021.

Murugesan explained that Coinbase is finalizing discussions with Japan’s main financial regulator, the Financial Services Agency (FSA). He noted that a small number of employees in Japan will remain to ensure the safety and security of customer assets.

Coinbase Global Downsizing

Coinbase has reduced its workforce globally. CEO Brian Armstrong announced the company’s latest round of job cuts on Tuesday. Noting that the cryptocurrency exchange is “letting go around 950 people,” the executive explained that the move was necessary to deal with the downturn in the industry. He added:

We will be closing several projects where we have a lower probability of success.

In June last year, Coinbase said it had made the decision to reduce the size of its team by around 18%, or around 1,200 employees, to ensure the company remains “healthy during this downturn.” economic “. The crypto exchange eliminated an additional 60 positions in November.

Nonetheless, Armstrong said on Tuesday:

Despite all that we have been through as a company and industry, I am still optimistic about our future and the future of crypto. Progress doesn’t always happen in a straight line, and sometimes it feels like taking two steps forward and one step back.

Similar to Coinbase, Kraken said in December last year that it was shutting down its services in Japan. Binance, on the other hand, is expanding its operations in the country by acquiring a regulated Japanese crypto exchange.

What are your thoughts on Coinbase closing most operations in Japan and downsizing its workforce globally? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular newsIn case you missed it

[ad_2]