SNEAK PEEK
- The institutional onboarding and recruiting departments at Coinbase will lose more than 60 employees.
- Coinbase’s most recent round of layoffs is a sign that the exchange may still be trying to cut costs in the ongoing bear market.
- The layoffs at Coinbase also came just five months after the exchange fired 18% of its employees to get ready for what it called a potential “long crypto winter.”
Coinbase’s CEO, Brian Armstrong, previously said that the company had “overhired” and had to reduce its employees. In June, Coinbase also stopped hiring new employees and revoked any employment offers it had already made to potential employees. Some of these employees subsequently vented their frustrations online.
Given that its quarterly revenue is down 28% and trade volumes plummeted 27% in Q3 of this year, Coinbase does seem to be having trouble in the current bear market. The price of Coinbase’s stock has decreased by roughly 80% this year and 27.4% just this month.
Even if it wasn’t quite as surprising as Meta‘s decision to fire over 11,000 workers a few days earlier. Others uploaded their names to a candidate database that Coinbase established in an effort to aid people in finding work at other businesses.
Surojit Chatterjee (the exchange’s chief product officer) recently left the company after three years of extortion against Google for a whopping $646 million in compensation. According to a Coinbase filing with the SEC, Chatterjee is taking a break and will work as Armstrong’s advisor until at least February 2023.
