Coinbase Follows Layoffs Trends, To Release More Than 60 Employees Amid The Bear Market.
The Information reports Thursday that Coinbase is laying off more than 60 staff in its recruitment and institutional onboarding departments.
The Coinbase journey on Laying off its employee
In a week that’s overflowing with bad news for the crypto world, Coinbase’s latest layoffs are likely a sign that the exchange has still been trying to reduce costs.
Previously, Coinbase trimmed 18% of its staff in a bid to prepare for what it called “an extended crypto winter” five months ago.
It is clear that Coinbase is suffering in these bear markets — its quarterly revenue has fallen 28% and trading volumes have fallen 27% during Q3 of this year, and its stock has dropped nearly 80% over this year and has dropped 27.4% just this month.
Furthermore, the exchange recently lost the Chief Product Officer it snagged from Google three years ago for a huge $646 million compensation package.
The potential employees Response
Previously, Brian Armstrong, CEO of Coinbase, claimed that the company had overhired and was reducing its workforce as a result.
Some candidates, angry at Coinbase, expressed their frustration on social media after the company halted its hiring process and rescinded job offers in June.
Chung Wook Ahn, one of the candidates expressed his disappointment on Linkedin, “Today I received an email from Coinbase that my offer to join them was rescinded. Today also marked two weeks before our mutually agreed start date. One of the representatives I later talked to told me it was a “prudent” decision by them regarding the current market situation,” he said.
“I have accepted my Coinbase offer this February and was excited to start shortly after my graduation. As an international student on an OPT visa, I have only 90 days left to find another position before I no longer could maintain the status. I am reaching out to everyone in Linkedin for possible Software Engineering positions in and out of US for recent graduate. Please let me know if you know of such a position or could give me a referral of any kind,” added him.
In addition, Tianyou Xiao also shared stories similar to Chung Wook Ahn, “Hello LinkedIn, I am a recent graduate from Cornell Tech. With shock and anxiety, my offer from Coinbase as a Backend Software Engineer has been rescinded due to changes in their hiring plan.”