Hiring at crypto exchange Coinbase up 33% despite recent layoffs: Report

Despite laying off 1,100 employees, leading cryptocurrency exchange Coinbase had 4,977 full-time employees at the end of the June quarter (Q2) – a 33 percent increase from the 3,730 workers it had at the end of Q4 2021, a report showed on Monday.

According to data provided by niche news publisher BanklessTimes.com, this is in stark contrast to the 18 percent reduction in workforce that Coinbase announced in June.

“Coinbase is currently advertising several full-time vacancies across a range of functions, including engineering, customer support and marketing,” said BanklessTime’s Jonathan Merry.

While it’s true the firm has made some layoffs, “it’s important to remember it’s still growing. So while it may be trimming its workforce in some areas, the data suggests it’s still expanding overall,” Merry added.

While Coinbase is one of the most valuable companies in crypto, it still has a long way to go to catch up with Google. The search giant employs more than 100,000 people and has a market capitalization of more than $1.4 trillion.

“Current market conditions are tough for everyone in crypto. However, it’s important to remember that the industry is still young and growing. While some companies are struggling, others are still hiring and expanding,” the report said.

Coinbase also faces stiff competition from other exchanges such as FTX and Binance, which have been hiring aggressively in recent months.

FTX, for example, has more than doubled its workforce in the past year.

Binance, which is headquartered in Malta, has also been on a hiring spree. The company now employs more than 3,000 people, up from just 1,000 in 2019.

Coinbase reported a massive loss in both revenue and profit in the June quarter – posting a $1.1 billion net loss as revenue fell from $2.033 billion to $803 million from the year-ago quarter, a sharp drop of nearly 60 percent.

Quarterly, Coinbase’s net income was down 31 percent compared to Q1, driven by lower trading volume.

— IANS

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(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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