{"id":462802,"date":"2022-06-14T16:28:18","date_gmt":"2022-06-14T13:28:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-exchange-coinbase-slashes-staff-by-18-amid-bear-market\/"},"modified":"2022-06-14T16:28:18","modified_gmt":"2022-06-14T13:28:18","slug":"crypto-exchange-coinbase-slashes-staff-by-18-amid-bear-market","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-exchange-coinbase-slashes-staff-by-18-amid-bear-market\/","title":{"rendered":"# Crypto exchange Coinbase slashes staff by 18% amid bear market"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a360d0630a0f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a360d0630a0f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-exchange-coinbase-slashes-staff-by-18-amid-bear-market\/#%E2%80%9D_Crypto_exchange_Coinbase_slashes_staff_by_18_amid_bear_market_%E2%80%9C\" >&#8221; Crypto exchange Coinbase slashes staff by 18% amid bear market &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_exchange_Coinbase_slashes_staff_by_18_amid_bear_market_%E2%80%9C\"><\/span>&#8221; Crypto exchange Coinbase slashes staff by 18% amid bear market &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNjdhMTQ3ZDUtZmEyMC00MWE2LTk2NmYtZjVjMWZjYzcyMTcwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Coinbase CEO Brian Armstrong officially <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.coinbase.com\/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12\">announced<\/a> on Tuesday that he made a &#8220;difficult decision&#8221; to reduce the size of the Coinbase team by about 18% due to a starting economic recession.<\/p>\n<p>\u201cWe <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,\u201d Armstrong wrote. He added that the trading revenue significantly declined during past crypto winters, noting that Coinbase has survived through four major crypto winters since its foundation in 2012.<\/p>\n<p>Armstrong emphasized that the firm has been growing \u201ctoo quickly,\u201d with Coinbase\u2019s headcount reaching 1,250 employees as of early 2021. According to the CEO, the team has grown four times in the past 18 months and their employee costs are \u201ctoo high to effectively manage this uncertain market.\u201d<\/p>\n<p>According to the announcement, all departing employees will receive support in finding a new role, including a minimum of 14 weeks of severance as well as an additional two weeks for every year of employment beyond one year. Additional support includes four months of health insurance in the United States and four months of mental health support globally.<\/p>\n<p>Coinbase\u2019s massive layoff announcement came shortly after Armstrong took to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> on Friday to criticize its employees for issuing a public petition to remove some senior Coinbase executives in a vote of no confidence. The petition specifically <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/web.archive.org\/web\/20220609202836\/https:\/\/mirror.xyz\/0x58E3a8Bc8CBFC10AC2972Fb9d0cF359E21eae56b\/ZIO--5ywx1z-aKs0KCQ2PeTNutVKune7zhA1D09R0q0\"><\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/web.archive.org\/web\/20220609202836\/https:\/\/mirror.xyz\/0x58E3a8Bc8CBFC10AC2972Fb9d0cF359E21eae56b\/ZIO--5ywx1z-aKs0KCQ2PeTNutVKune7zhA1D09R0q0\">called<\/a>\u00a0for the removal of chief operating officer Emilie Choi, chief product officer Surojit Chatterjee as well as chief people officer LJ Brock.<\/p>\n<p>According to the petition\u2019s authors, Coinbase\u2019s executive team has been making decisions that were \u201cnot in the best interests of the company, its employees, and its shareholders.\u201d The petitioners argued that those decisions led to results like the failure of the Coinbase NFT platform, toxic workplace culture and an apathetic attitude exhibited by senior management and others.<\/p>\n<p>Major United States-based cryptocurrency exchange Coinbase is cutting its headcount amid Bitcoin hitting its two-year lows around $21,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">16\/ If you&#8217;re unhappy about something, work as part of the team to raise it along with proposed solutions (it&#8217;s easy to be a critic, harder to be a part of the solution). If you can&#8217;t do that and you&#8217;re going to leak\/rant externally then quit. Thanks!<\/p>\n<p>\u2014 Brian Armstrong &#8211; barmstrong.eth (@brian_armstrong) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1535305970720509952?ref_src=twsrc%5Etfw\">June 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nCoinbase previously <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.coinbase.com\/employee-note-an-update-on-hiring-plans-507ea4e2b6cf\">announced<\/a> in May that it would slow down hiring and reassess its headcount to ensure it continues operating as planned.<\/p>\n<p>In announcing a new massive layoff, Coinbase joins the growing list of firms that had to cut their staff amid the ongoing bear market, including Winklevoss brothers-founded Gemini, crypto-friendly trading platform Robinhood and the BlockFi trading platform, which said it was laying off 20% of its staff on Monday.<\/p>\n<p>Crypto.com CEO Kris Marszalek also took to Twitter on Saturday to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/kris\/status\/1535431489315213312?s=20&amp;t=HBF9HjEr4RestOhiSHD9Lw\">announce<\/a> that the Singapore-based exchange would lay off 260 workers, or 5% of its workforce.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX will not freeze hiring amid layoffs at other crypto firms, CEO states<\/em><\/strong><\/p>\n<p>Despite some crypto companies increasingly reducing the size of their teams, others continue hunting for new talent. Binance, one of the world\u2019s largest crypto exchanges, is still hiring, having more than 2,000 roles open for engineers, product, marketing and business developers. <\/p>\n<p>\u201cThe crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent,\u201d Binance CEO Changpeng Zhao <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fortune.com\/2022\/06\/13\/crypto-layoffs-hiring-freeze-binance-expanding-cz-changpeng-zhao\/\" data-amp=\"https:\/\/fortune-com.cdn.ampproject.org\/c\/s\/fortune.com\/2022\/06\/13\/crypto-layoffs-hiring-freeze-binance-expanding-cz-changpeng-zhao\/amp\/\">said<\/a>.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-exchange-coinbase-slashes-staff-by-18-amid-bear-market\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto exchange Coinbase slashes staff by 18% amid bear market &#8220; Coinbase CEO Brian Armstrong officially announced on Tuesday that he made a &#8220;difficult decision&#8221; to reduce the size of the Coinbase team by about 18% due to a starting economic recession. \u201cWe appear to be entering a recession after a 10+ year economic&#8230;<\/p>\n","protected":false},"author":1,"featured_media":462803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNjdhMTQ3ZDUtZmEyMC00MWE2LTk2NmYtZjVjMWZjYzcyMTcwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74957,74956,74863,74860,74865,117],"class_list":["post-462802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-brian-armstrong","tag-coinbase","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-job","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/462802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=462802"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/462802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/462803"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=462802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=462802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=462802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}