• Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money
Saturday, June 25, 2022
  • Login
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
TechMoran
No Result
View All Result
Home cryptocurrencies

Coinbase lays off over 1000 employees to weather economic downtime

Coinbase will cut down the size of its workforce by 18 per cent to weather the economic downtime in the crypto market. The layoffs will affect employees across all sectors including senior leaders who have worked diligently to identify appropriate changes in the company. Affected employees will be notified via their personal emails.

Approximately, 1100 employees of the company’s 5000 employees will be laid off during the economic downtime. At the beginning of 2021, Coinbase ahead a total of 1,250 employees when crypto adoption was exploding. The new use cases enabled by crypto transactions prompted the massive team upscale. The company says it’s challenging to scale its growth given the 200% y/y hirings since 2021.

In a blog addressed to the team, Coinbase CEO Brian Armstrong said, ” Team, Today I am making the difficult decision to reduce the size of our team by about 18%, to ensure we stay healthy during this economic downturn. I want to walk you through why I am making this decision below, but first I want to start by taking accountability for how we got here. I am the CEO, and the buck stops with me.”

He added, “over the past month, I’ve had many conversations with our Exec team and our board to discuss the recent, market events, as well as the state of our business and several realities, has become clear to me “

Coinbase will incur $40-$45 million to restructure expenses related to employee severance and other termination benefits ahead of the layoff. They will also have access to Talent Hub, a platform where Coinbase members will work to connect them with open positions and other firms.

For a couple of months, the company has been string held as the crypto market faces a downturn. In May, the company launched a cost-cutting initiative to help grow its revenue and later extended its hiring freeze.In the blog post, the company added, that we have exceeded the limit of how many employees we can integrate while growing our productivity. Adding new employees has made us less efficient

Readers 343

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Val Lukhanyu

Val Lukhanyu

I love and write everything Tech.

Related Posts

Bitcoin drops below $18,000 for the first time since 2020
cryptocurrencies

Bitcoin drops below $18,000 for the first time since 2020

by Val Lukhanyu
June 19, 2022
0

Bitcoin has dropped by 13 per cent to $17,769.25 in the past 24 hours, the lowest level since December 2020...

Tesla CEO Elon Musk is facing a $258B class action lawsuit over Dogecoin hype
cryptocurrencies

Tesla CEO Elon Musk is facing a $258B class action lawsuit over Dogecoin hype

by Val Lukhanyu
June 20, 2022
0

Billionaire Elon Musk has been hit with a $258 billion lawsuit for allegedly engaging in a crypto pyramid scheme "Dogecoin...

cryptocurrencies

Blockchain Bitcoin Giving Benefits To Entertainment Sector

by James Musoba
June 13, 2022
0

Everybody is excited to learn about the database of cryptocurrency and the organization of blockchain for the movie industry. The...

Bitcoin – 5 Characteristics that Everyone Must Know!

The Crazy Facts Of Bitcoin – True Or False!

June 13, 2022
Why the world is still weary of cryptocurrencies

How Is Bitcoin Great In Eliminating The Risk?

June 13, 2022
The NFT Future in Web 3.0 World 

The NFT Future in Web 3.0 World 

June 13, 2022
Please login to join discussion
  • Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money

© 2022 TechMoran Ltd, All Rights Reserved.

No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists

© 2022 TechMoran Ltd, All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
%d bloggers like this: