Crypto exchange Coinbase will be closing down the majority of its operations in Japan as part of its efforts to endure in the bearish market. The relocation is part of the company’s restructuring strategy and follows the current layoff statement that it was reducing its staff members by 20%.

In an interview with BNN Bloomberg, Coinbase executive Nana Murugesan said that most of the operations in Japan will be closed. “We’ve chosen to unwind the majority of our operations in Japan, which led to removing most of the functions in our Japan entity,” said Murugesan.

While the executive did not dive into specifics, he kept in mind that a little number of employees in the Japanese branch will stay to ensure that customer possessions are safe.

Coinbase to close majority of Japan operations following global layoffs: Report
Cast your vote now!While the crypto exchange did not discuss the subject of mergers and acquisitions, a Coinbase representative stated in a Bloomberg interview that they are checking out every possible option. “We are carefully evaluating all alternatives and will communicate any further updates as they appear,” they said.

On Jun 14, the crypto exchange had currently slashed its headcount by 18% since of the uncertainty in market conditions. At that time, Coinbase CEO Brian Armstrong stated that the company has actually grown very quickly which employee expenses were too expensive to handle effectively through the unpredictable market conditions. Armstrong likewise pointed out the economic crisis as he revealed the layoff.Related: Crypto

layoffs install asexchanges continue to be wrecked by the prevailing bear market Coinbase is not the only crypto trading platform to lay off its

workforce in the middle of the crypto winter season. On Jan. 6, crypto trading platform Huobi likewise verified that it’s preparing to cut off 20 %of its staff mentioning market conditions. On Dec. 4, Bybit exchange likewise revealed a second batch of layoffs to survive within the bearish market. The layoffs came as Bybit CEO Ben Zhou revealed a reorganization plan for the crypto winter.