• Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market.
• As part of the restructuring plan, Vice President of International and Business Development, Nana Murugesan, said that the firm decided to “wind down” the majority of its operations in Japan.
• A small number of employees in the Japanese branch will stay to make sure that customer assets are secure.
Coinbase, one of the world’s leading cryptocurrency exchanges, recently announced that it would be shutting down the majority of its operations in Japan as part of its efforts to survive in the bear market. The move is part of a larger restructuring plan, which includes a 20% reduction in the company’s global workforce.
In an interview with BNN Bloomberg, Coinbase executive Nana Murugesan said that the company had come to the decision to “wind down” the majority of its operations in Japan. He stated that, while the specifics were not provided, a small number of employees in the Japanese branch will remain to ensure that customer assets are secure.
This news comes as the cryptocurrency market is facing a difficult period of bearish sentiment, with many companies taking steps to reduce their overheads in order to remain profitable. Coinbase has been no exception, having recently announced a 20% reduction in its global workforce as part of its restructuring plans.
The company has also taken steps to reduce its costs in other areas, such as shutting down certain offices and reducing its investment in certain projects. These efforts have been aimed at ensuring that the company can remain profitable despite the current bear market conditions.
Coinbase’s move to reduce its operations in Japan is the latest in a series of moves to streamline its business in order to remain competitive. The company has also recently announced a partnership with the Japanese Financial Services Agency, which will allow the exchange to offer its services in Japan under a new license.
It remains to be seen how this move will affect Coinbase’s business in Japan, as well as how it will affect the cryptocurrency market as a whole. However, it is clear that the company is taking steps to ensure that it can remain profitable despite the current bear market conditions.