Coinbase is laying off over 60 staff in its recruitment and institutional onboarding departments. information reported on Thursday.
Although not as shocking as the move to meta layoffs 11,000 employees A few days ago, Coinbase’s latest layoff round showed that in a week full of bad news for the cryptocurrency sector, Coinbase may still be trying to cut costs.
Coinbase layoffs also come just 5 months after the exchange was laid off 18% The number of staff to prepare for the remarks at the time was “Extended Crypto Winter”
CEO Brian Armstrong previously said Coinbase was “overhired” and had to lay off employees accordingly. In June, Coinbase will also Frozen hiring process Withdrawal of job vacancies already offered to candidates, some candidates expressed dissatisfaction online.
other people say my name database Number of candidates launched by Coinbase to help individuals find jobs at other companies.
Coinbase looks to be struggling in this bear market. 28% decrease in revenue Trading volume was down 27% in the third quarter of this year. Coinbase’s share price is also down nearly 80% this year, and he’s down 27.4% this month alone.
The exchange also lost its chief product officer, Surojit Chatterjee, whom it had poached from Google for a major acquisition three years ago. $646 million reward package. According to Coinbase’s SEC filings, Chatterjee has been on vacation for some time, and he’s expected to remain an advisor to Armstrong until at least February 2023.
But there may be a silver lining in the bad news: Armstrong Said Coinbase has no exposure to crumbling rival exchanges FTX or its sister company Alameda Research.
Also, Cathie Wood’s Ark Invest appears to be interested in Coinbase’s shares despite the sharp drop this year.purchased by the company $21.4 million Value of COIN inventory at the beginning of this week.
Coinbase has not yet responded Decryptionrequest for comment.
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