Coinbase chief Brian Armstrong has hinted that the spectacular implosion of Sam Bankman-Fried’s rival exchange FTX last year proves that his company has chosen the right strategy for long-term success. However, despite this foresight, the company has announced that it’s set to fire nearly 1,000 employees.

Armstrong broke the news early Tuesday in a message to Coinbase’s employees.

“Coinbase is well capitalized, and crypto isn't going anywhere. In fact, I believe recent events will ultimately end up benefiting Coinbase greatly (a large competitor failing, emerging regulatory clarity, etc.), and they validate our long-term strategy,” wrote Armstrong.

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