futurewithcrypto.com
The Information reported Thursday that Coinbase is laying off more than 60 employees in its recruitment and institutional onboarding departments.
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While not nearly as shocking as Meta's decision to fire over 11,000 workers a few days ago, Coinbase's most recent round of layoffs is a sign that the exchange may still be looking for ways to save money in the current bear market.
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This development barely registers in a week that's been stacked with bad news for the cryptocurrency industry.
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The layoffs at Coinbase also came just five months after the exchange fired 18% of its employees to get ready for what it called a potential "long crypto winter."
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As previously stated by CEO Brian Armstrong, Coinbase had to reduce its workforce as a result of "overhiring." Along with freezing hiring in June, Coinbase
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Candidates who had already received job offers were put through the hiring process again, and several of them vented their frustration online.
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Others uploaded their names to a candidate database that Coinbase established in an effort to aid people in finding work at other businesses.
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With its quarterly revenue down 28% and trading volumes down 27% in Q3 of this year, Coinbase does seem to be having trouble in this bear market.
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The price of Coinbase's stock has decreased by roughly 80% this year and 27.4% just this month.
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Surojit Chatterjee, the exchange's chief product officer, recently left the company after three years of extortion against Google for a whopping $646 million in compensation.
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