Crypto

Coinbase Lays Off Over 60 Employees Amid Crypto Market Turmoil

Coinbase is laying off more than 60 people in its recruiting and institutional onboarding departments, information reported Thursday.

Although not as shocking as Meta’s decision to fire 11,000 employees A few days ago, Coinbase’s latest round of layoffs is a sign that the exchange may still be trying to cut costs in the ongoing bear market – a development that barely moves the needle in a week full of bad news for the crypto sector.

Coinbase layoffs also come just five months after the exchange was laid off 18% of his staff to prepare for what he said at the time could be a “extended crypto winter.”

CEO Brian Armstrong previously said Coinbase had “overhired” and had to purge its workforce as a result. In June, Coinbase also froze its hiring process and rescinded job offers she had previously made to candidates, some of whom then expressed frustration on line.

Others have added their name to a database of candidates that Coinbase has launched in an effort to help individuals find jobs at other companies.

Coinbase seems to be struggling in this bear market – its quarterly report turnover is down 28% and trading volumes fell 27% in the third quarter of this year. Coinbase shares are also down nearly 80% this year and 27.4% this month alone.

The exchange also just lost its chief product officer, Surojit Chatterjee, whom it poached from Google three years ago for a huge $646 million compensation package. Chatterjee is taking a while and will become an adviser to Armstrong until at least February 2023, according to a Coinbase filing with the SEC.

But there may be a silver lining amid the bad news: Armstrong has said that Coinbase has no exposure to the collapse of the rival exchange FTX or its sister company Alameda Research.

And Cathie Wood’s Ark Invest seems to be interested in Coinbase stock despite its fall this year. The company bought $21.4 million COIN stock value earlier this week.

Coinbase has not yet responded Decryptrequest for comment.

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