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HomeCURRENT AFFAIRSBUSINESSCryptocurrency Exchange Coinbase To Lay Off 18% Staff

Cryptocurrency Exchange Coinbase To Lay Off 18% Staff

When an industry booms, then there is also an overflow of jobs and when bad days of an industry start, then the jobs can be taken away. This rule applies to almost every industry. This time it is being seen in crypto market. When there was boom, new platforms were opened and lots of jobs were given, now when the market is falling, layoffs have started.

 The crypto markets have been witnessing a bloodbath. The dramatic sell-off has wiped out over $2 trillion worth of digital currencies from new peaks at the fag end of 2021. The global crypto market cap fell below $1 trillion on June 13 to hit an 18-month low. 

According to a news from Moneycontrol, Coinbase, one of the world’s largest crypto-exchanges, fired 18 percent of its employees in one stroke.

A senior executive at the company’s Singapore-based company told Coinbase that Coinbase had blocked employees’ login access before they were notified.

Clinton Gleave, former Coinbase Recruitment Manager (Asia Pacific), said that “access to our systems was closed prior to notification of termination. We got this information at a time when I had made a reservation for a drinks party at a hotel yesterday to encourage my team.”

Gleeve has expressed his displeasure over the news of layoffs in a post written on the social media platform LinkedIn.

He wrote about how he had contributed to building Coinbase team in the Asia Pacific region and taking it from zero to this point. I’ve been fired and now I’ve been given 30 days to leave Singapore after spending 12 years in Asia and wrap up my whole life.”

“I know it may not have been an easy decision for our CEO and I have nothing but respect for CEO Brian Armstrong, but it’s not going to affect the decision anyway,” he said.

The Coinbase layoffs correspond to about 1,100 positions, the platform said in a stock exchange filing.

This “difficult decision” was made “to ensure we stay healthy during this economic downturn,” CEO and co-founder Brian Armstrong said in a statement.

“We appear to be entering a recession after a 10+ year economic boom.”

The world’s third largest crypto-exchange

Significantly, Coinbase is the third largest crypto-exchange in the world. Coinbase announced the layoffs of 1,100 employees, amid a steady decline in cryptocurrency prices and declining investments in it.

Also Read – PM Modi directs recruitment of 10 lakh people over next 1.5 years

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