Should we expect more layoffs in these industries? https://www.tronweekly.com/coinbase-staff-market-worsens/
Coinbase is a joke
Recently, Too many solid people left great roles at Meta to join Coinbase only to be laid off
Yea, for a bit I wondered if Coinbase was selectively firing Meta employees since every other laid off profile seems to have been employees who spent years in Meta and received multiple promotions etc. 😳
Imho, the 18% layoffs was prepared when btc was around 30k or after the earning drops. And now btc has dropped below 20k (almost 35% from 30k) i’d think another bigger layoff will come. Additionally crypto has never been on both recession and cryptowinter together.
It's the fact that they overhired, this makes navigating the crypto winter even harder. Companies who didn't over hire still had to layoff, so this will def be a hard position for coinbase due to their over ambitious spirit to over hire
Yeah totally. Even with 5k employees, it is still overstaffed. Ftx is doing it with 10% of cb total employees. Management is too aggressive imho
Coinbase is going to struggle for next few years as crypto winter has just started
It’s not just about crypto winter we had period of high amount of retail interest in stocks and crypto due to Covid and wfh. That will dry up which means less money from crypto transactions for Coinbase, they need to cut costs and adjust for new normal.
Also the transaction fee is based on percentage. If crypto goes lower means transaction fee will be lower too
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Check out this post! "Avoid Fintech like plague rn (Layoffs)" https://us.teamblind.com/s/i1qMzogP