Faryar Shirzad, Coinbase’s chief policy officer, stated that further job cuts may be forthcoming as part of a long-term plan to “run the firm responsibly” amid a slew of layoffs. As per the Coinbase top official said yesterday at the Financial Times’ “The Next Web” conference in Amsterdam that further job losses could be on the way, but added, “We don’t anticipate that at this moment.”
Shirzad expressed concern about employee attitude at the company in the wake of a recently disclosed employee petition condemning senior management at the exchange.
Shirzad stated:
“If employees are dissatisfied with their jobs, they have the right to express their dissatisfaction… But, if it’s not the right fit for them, there are plenty of other locations where they may apply their skills.”
According to a filing with the Securities and Exchange Commission (SEC), Coinbase Global, Inc., A Nasdaq-listed company, disclosed a decrease in workforce of around 1100 people a week ago. The organisation has already announced the cancellation of job applications and suspensions.
In a company blog post, CEO Brian Armstrong stated that the decision to lay off employees came amid prospects of a recession following a ten-year boom. “Trading revenue (our primary revenue stream) has decreased dramatically in previous crypto winters,” Armstrong stated. He also mentioned that cutting spending was one of the ways the company has weathered prior crypto winters.
Coinbase, a corporation whose business relies mainly on consumer trading, reported a $429.7 million loss for the first quarter in May, with its stock price down to $51 from a high of $429.54 shortly after its initial public offering in 2021. The workforces of Gemini, BlockFi, Crypto.com, and Robinhood Markets have been reduced.
Coinbase executives mean that it is one of the many cryptocurrency companies that had to tighten their belts last month and a half, which began with the collapse of the stable $ TerraUSD for $ 40 billion. Earlier this month, cryptocurrency lender Celsius suspended cash withdrawals, exchanges, and joint ventures, while Babel Finance suspended withdrawals and suspensions on June 17, 2022.
Read more: US crypto exchange Coinbase adds three Ethereum (ETH) altcoins and DeFi Token results significant rise in price
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