Coinbase is cutting about a fifth of its workforce as it looks to preserve cash during the crypto market downturn.After looking at various stress tests for Coinbase's annual revenue, Armstrong said, "it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario" and there was "no way" to do so without reducing head count.Cryptocurrency markets have been rocked in recent months following the collapse of one of the industry's biggest players, FTX."Every company in Silicon Valley felt like we were just focused on growth, growth, growth, and people were almost using their headcount number as a symbol of how much progress they were making," Armstrong said.Armstrong said he's now trying to shift the culture at Coinbase to "get back to its start-up roots" of smaller teams that can move quickly."