Tuesday, December 6, 2022
HomeLaw & PoliticsCoinbase Begun Cutting Back Its Staff By Eliminating 60 Positions

Coinbase Begun Cutting Back Its Staff By Eliminating 60 Positions

According to a report published on Thursday by The Information, Coinbase is eliminating the jobs of more than 60 employees from its institutional onboarding division.

Coinbase’s most recent wave of layoffs is an indication that the exchange may still be seeking to reduce expenses in the continuing bear market. This is a development that hardly tips the needle during a week that is brimming with negative news for the cryptocurrency industry.

It has only been five months since the cryptocurrency exchange Coinbase laid off 18% of its personnel in preparation for what it described at the time as the possibility of an “extended crypto winter.” Coinbase’s latest round of layoffs comes at the same time.

Previously, Coinbase CEO Brian Armstrong said that the company had “overhired” and thus had to reduce its employment appropriately. Additionally, Coinbase paused its recruiting process in June and cancelled employment offers it had previously made to applicants. As a result, several of those candidates vented their dissatisfaction publicly. Others have added their names to a database of applicants that Coinbase has created as part of its initiative to assist people in finding employment at other businesses.

It would seem that Coinbase is having difficulty navigating the current bear market, since the company’s quarterly revenue is down 28% and its trade volumes decreased 27% during the third quarter of this year. Coinbase’s stock has lost about 80% of its value over the course of this year, and it has lost an additional 27.4% only this month.

The exchange has also suffered the loss of its Chief Product Officer, Surojit Chatterjee, whom it had recruited away from Google three years ago in return for a hefty pay package of 646 million dollars. In accordance with a document that Coinbase filed with the SEC, Chatterjee is going to take a leave of absence and instead work as an adviser for Armstrong until at least February 2023.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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