Coinbase just laid off 90% of all contractors
There's no news because companies aren't legally required to announce contractor layoffs but my other Coinbros and Coinbaes can confirm Also 90% is not confirmed, just what I read in the internal Blind #layoff #layoffs #coinbase #contractor
Sucks. Whatâs the vibe like there these days? How are people dealing with the TC/RSU hit?
There should be bigger layoffs coming. 5k FTE is still a lot. They will have bigger loss in q2 than q1, especially btc and eth are 50% lower than end of q1. They should be good with around 2500-3000 employees
Check their operating expense in q2 earning report đ€ź
Morgan Stanley (or, one of the big banks) claimed that they expect more layoffs from Coinbase based on the revenue drop, might even reset to prepandemic levels.
Thatâs precisely the point of contractors. Not much of a surprise here.
Does coin layoff or rescind return interns as fulltime sde?
My friend said she didn't get renenged as a return.
I mean what did people expect. There were people with 1-5 years experience netting $500K-2M USD at the $COIN peak
That and the people I saw on Blind talking about their 12-18% interest they were getting in their crypto holdings AND them considering it ârisk freeâ. Yeah, that didnât scream ponzi scheme at all Seems like the majority of these crypto exchanges had a business model that started with âas long as crypto never goes downâŠâ
Which projects on coinbase were giving that interest?
Nice. C1 too. But C1 is hiring more FTs
Just the beginning at coin đȘ đ
Contractors are the very first thing to be cut always.
Quarter ended so they just didn't renew the contract, it sucks but any contractor should have expected that.
How many? Or what percentage? As in how bad is this?
Word on the street is 90%
Thatâs brutal. And CB seems to be in a worse state than I thought. Hope the rest of you make it out safe.