“Japan is unlikely to be an essential contributor to Coinbase’s revenue.”Owen Lau, an analyst at Oppenheimer, said, adding that the company has been eyeing the market for some time, but only obtained the license from the Japanese regulator a year and a half ago.
The cryptocurrency market is going through turbulent times, as the plummeting value of digital assets amid rising interest rates and the bankruptcy of some of its major players, including FTX, have shaken the faith of investors. investors in what was considered the next big thing in the world of finance.
Coinbase, Crypto.com, and Huobi have announced plans to lay off around 20% of their respective employees.while a source told Reuters earlier this month that Genesis has also cut jobs, equivalent to 30% of its workforce.
All Coinbase Japan customers will have until February 16 to withdraw their assets and cryptocurrencies, the company said in a blog post.
The company’s shares lost about 86% of their value last year amid a brutal sell-off of cryptocurrencies, from bitcoin to dogecoin, that wiped out more than $1 trillion from the industry.
Source: Ambito
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