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Coinbase increases staff numbers by 33 percent despite recent layoffs
https://www.whatjobs.com/news/usa/us-business-news/coinbase-increases-staff-numbers-by-33-percent-despite-recent-layoffs
By Nithya Bose in US business news, posted September 8, 2022
Cryptocurrency exchange Coinbase has increased recruiting by up to 33 percent despite laying off 1100 employees a few months back.
The company's full-time headcount stood at 4,977 at the end of the June quarter, up from 3,730 at the end of Q4 2021.
Data provided by news publisher BanklessTimes.com shows this is in sharp contrast to Coinbase's 18 percent job cut announced in June.
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Bankless Time's director Jonathan Merry said: "Coinbase is currently advertising several full-time vacancies across a range of functions, including engineering, customer support, and marketing.
"While the company has made some layoffs, it's important to remember that it's still growing."
“So while it may be trimming its workforce in some areas, the data suggests that it's still expanding overall.”
While Coinbase is one of the most valued cryptocurrency firms, it still has a long way to go before catching up with Google.
The search engine leader employs over 100,000 people and has a market capitalization of more than $1.4 trillion.
The report said: "The current market conditions are tough for everyone in crypto.
“However, it's important to remember that the industry is still young and growing.
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“While some companies are struggling, others are still hiring and expanding.”
Coinbase is also competing with other exchanges such as FTX and Binance, which have been actively hiring in recent months.
Over the last year, FTX, for example, has more than quadrupled its personnel.
Binance, which is headquartered in Malta, has also been aggressively hiring.
The firm currently has over 3,000 employees, up from 1,000 in 2019.
Coinbase recorded a significant loss in both profit and revenue in the June quarter, with a $1.1 billion net loss while revenue fell from $2.033 billion to $803 million from the previous quarter, a nearly 60 percent reduction.
Source: Business Standard
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