Nasdaq-listed cryptocurrency exchange Coinbase has closed most of its operations in Japan after announcing another round of global job cuts. Coinbase CEO Brian Armstrong said, “Despite everything we’ve been through as a company and as an industry, I’m still optimistic about our future and the future of cryptocurrencies. It is,” he claimed.
Coinbase cuts most of its operations in Japan
Cryptocurrency exchange Coinbase closes most of its operations in Japan, says vice president of business development and international of Nana Murugesan revealed in an interview with Bloomberg on Wednesday. He said:
The decision to downsize most of the operations in Japan has eliminated most of the role of the Japanese corporation.
Coinbase partners with Mitsubishi UFJ Financial Group to launch a cryptocurrency exchange in Japan in 2021.
Murugesan explained that Coinbase is in the final stages of discussions with Japan’s top financial regulator. Financial Services Agency (FSA). He said a small number of employees will remain in Japan to ensure the safety and security of customer assets.
Coinbase’s Global Downsizing
Coinbase is cutting headcount around the world. CEO Brian Armstrong announced the company’s latest layoffs on Tuesday. The crypto exchange said it would “let go of about 950 people”, explaining that the move was necessary to weather the industry’s downturn. He added:
Close some projects that have a low chance of success.
Last June, Coinbase said that it had reduced its team size by about 18%, or about 1,200 employees, to keep the company “healthy.” said it had decided to reduce during this recession. The cryptocurrency exchange said he cut another 60 positions in November.
Nonetheless, Armstrong said on Tuesday:
Despite all that we have gone through as a company and as an industry, I still believe that I am optimistic about the future of crypto and the future of crypto.
Like Coinbase, Kraken announced last December that it would suspend services in Japan. Meanwhile, Binance is expanding its operations in the country by acquiring a regulated Japanese cryptocurrency exchange.
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