{"id":2619,"date":"2022-07-05T08:37:36","date_gmt":"2022-07-05T08:37:36","guid":{"rendered":"https://uk20201.com/blog\/?p=2619"},"modified":"2022-07-05T08:37:38","modified_gmt":"2022-07-05T08:37:38","slug":"coinbase-lays-off-18-of-executives-as-they-prepare-for-crypto-winter","status":"publish","type":"post","link":"https://uk20201.com/blog\/en\/%e4%ba%a4%e6%98%93%e6%89%80\/ex\/2619\/","title":{"rendered":"Coinbase lays off 18% of executives as they prepare for crypto winter<\/strong><\/strong>"},"content":{"rendered":"
\n
\"Coinbase\"<\/figure><\/div>\n\n\n

Coinbase is laying off<\/strong><\/h2>\n\n\n\n

Coinbase<\/a>\u00a0has roughly 5,000 full-time workers, translating to a head count reduction of around 1,100 people.Shares of Coinbase closed down .83%.<\/h2>\n\n\n\n

CEO Brian Armstrong pointed to<\/strong><\/h2>\n\n\n
\n
\"Coinbase\"<\/figure><\/div>\n\n\n

a possible recession, and a need to manage Coinbase\u2019s burn rate and increase efficiency. He also said the company grew \u201ctoo quickly\u201d during a bull market.\u201cWe appear 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 said in the email, adding that past crypto winters have resulted in a significant decline in trading activity. \u201cWhile it\u2019s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.\u201d<\/p>\n\n\n\n

Coinbase had initially said it was pausing hiring<\/strong><\/strong><\/h2>\n\n\n\n

Two weeks later, the crypto giant announced that it was extending the freeze for the \u201cforeseeable future.\u201d Earlier this year, Coinbase said<\/a> it planned to add 2,000 jobs across product, engineering and design.\u201cOur employee costs are too high to effectively manage this uncertain market,\u201d Armstrong said. \u201cWhile we tried our best to get this just right, in this case it is now clear to me that we over-hired.\u201d<\/p>\n\n\n\n

The news comes during a deep rout for Coinbase shares<\/strong><\/strong><\/h2>\n\n\n\n

 The stock went public via a direct listing last April during a boom in crypto markets and investors clamoring for high-growth tech stocks. Coinbase\u2019s shares are down 79% this year and 85% from the all-time high. Meanwhile, bitcoin has dropped to near $22,000 and has lost 53% of its value this year.<\/p>\n\n\n\n

San Francisco-based Coinbase reported<\/strong><\/p>\n\n\n\n

a slump in users in its last quarter and a 27% decline<\/a> in revenue from a year ago. The company gets the majority of its top line from transaction fees, which are closely tied to trading activity.President and Chief Operating Officer Emilie Choi called it a \u201cvery difficult decision for Coinbase\u201d but given the economic backdrop, she said it \u201cfelt like the most prudent thing to do right now.\u201dAffected employees received a notification from human resources. If so, the memo was sent to a personal email as Coinbase cut off access to the company systems. Armstrong called it the \u201conly practical choice\u201d given the number of employees with access to customer information, and a way to \u201censure not even a single person made a rash decision that harmed the business or themselves.\u201d<\/p>\n\n\n\n

Coinbase employees will have access to a talent hub to find new jobs in the industry<\/strong><\/p>\n\n\n\n

including Coinbase Ventures\u2019 portfolio companies. Choi said Coinbase would still be \u201cdoubling down\u201d on areas like security and compliance and may be \u201creorienting\u201d employees to near-term revenue drivers.\u201cIf there are any cuts to new product areas, it\u2019s going to be more around experimental venture areas that we\u2019re still very bullish on, but that we don\u2019t want to invest in in this part of the cycle,\u201d Choi told CNBC in an interview at the company\u2019s headquarters.\u201cWe will continue to invest in incredible innovative areas of crypto that we think are emerging over the longer term, but we\u2019re probably going to do those in a more measured way in this type of an environment.\u201d<\/p>\n\n\n\n

and we have a number of mechanisms in place for them to do so<\/strong><\/p>\n\n\n\n

\u201cWe will always encourage our employees to share feedback internally on how we operate as a company. It\u2019s very much unclear if this document came from within the company,\u201d Choi said. \u201cHowever, if it did, we\u2019re disappointed that those behind it felt the need to breach the trust of the company and their co-workes by sharing this information in a way clearly designed to drive controversy rather than a meaningful dialogue.\u201d Coinbase has no plans to offer additional company equity grants, or cash compensation amid the price drop, Choi said. The company offers annual grants, partially so employees could \u201cmitigate the swings\u201d and volatility in crypto. For employees and investors, the COO likened it to <\/em>Amazon<\/em><\/a> or <\/em>Tesla<\/em><\/a>: a long-term investment with volatility in the meantime.<\/em><\/em><\/p>\n\n\n\n

\u201cWe think that anyone who makes an investment<\/strong><\/p>\n\n\n\n

whether they\u2019re an employee or investor, will have a handsome return over the longer term,\u201d Choi said. \u201cCoinbase is a long-term play  \u2014 we have very deep conviction in the long-term value of the stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase is laying off Coinbase\u00a0has roughly 5,000 full- […]<\/p>\n","protected":false},"author":1,"featured_media":2621,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[529],"tags":[618,415,490],"yoast_head":"\nCoinbase lays off 18% of executives as they prepare for crypto winter - U.TOWN<\/title>\n<meta name=\"description\" content=\"Coinbase\u00a0has roughly 5,000 full-time workers, translating to a head count reduction of around 1,100 people.Shares of Coinbase closed down .83%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"zh_TW\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase lays off 18% of executives as they prepare for crypto winter - U.TOWN\" \/>\n<meta property=\"og:description\" content=\"Coinbase\u00a0has roughly 5,000 full-time workers, translating to a head count reduction of around 1,100 people.Shares of Coinbase closed down .83%.\" \/>\n<meta property=\"og:url\" content=\"https://uk20201.com/blog\/en\/\u4ea4\u6613\u6240\/ex\/2619\/\" \/>\n<meta property=\"og:site_name\" content=\"U.TOWN\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-05T08:37:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-05T08:37:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https://uk20201.com/blog\/wp-content\/uploads\/2022\/07\/image-10.png\" \/>\n\t<meta property=\"og:image:width\" content=\"553\" \/>\n\t<meta property=\"og:image:height\" content=\"327\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin1\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin1\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u9810\u4f30\u95b1\u8b80\u6642\u9593\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 \u5206\u9418\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https://uk20201.com/blog\/en\/%e4%ba%a4%e6%98%93%e6%89%80\/ex\/2619\/#article\",\"isPartOf\":{\"@id\":\"https://uk20201.com/blog\/en\/%e4%ba%a4%e6%98%93%e6%89%80\/ex\/2619\/\"},\"author\":{\"name\":\"admin1\",\"@id\":\"https://uk20201.com/blog\/#\/schema\/person\/465f9d960ffe4355dbd44ff26c85a528\"},\"headline\":\"Coinbase lays off 18% of executives as they prepare for crypto winter\",\"datePublished\":\"2022-07-05T08:37:36+00:00\",\"dateModified\":\"2022-07-05T08:37:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https://uk20201.com/blog\/en\/%e4%ba%a4%e6%98%93%e6%89%80\/ex\/2619\/\"},\"wordCount\":740,\"publisher\":{\"@id\":\"https://uk20201.com/blog\/#organization\"},\"keywords\":[\"Coinbase\",\"u.town\",\"USDT\"],\"articleSection\":[\"\u4ea4\u6613\u6240\"],\"inLanguage\":\"zh-TW\"},{\"@type\":\"WebPage\",\"@id\":\"https://uk20201.com/blog\/en\/%e4%ba%a4%e6%98%93%e6%89%80\/ex\/2619\/\",\"url\":\"https://uk20201.com/blog\/en\/%e4%ba%a4%e6%98%93%e6%89%80\/ex\/2619\/\",\"name\":\"Coinbase lays off 18% of executives as they prepare for crypto winter - 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