In a post on the company’s blog, Coinbase CEO Brian Armstrong initially blamed changes in financial conditions that could lead to a “winter of encryption” and waited until the third point to report that the company was “over-hired.” citing its attempt to take advantage of “new use cases triggered by the pull of cryptocurrencies almost every week”. 2 / We have also grown quite fast in the last two years and we have started to operate less efficiently in our new size. It will take some time for us to adjust to this new scale before we can grow again. – Brian Armstrong – barmstrong.eth (@brian_armstrong) June 14, 2022 16 / If you are unhappy with something, work as a team member to increase it along with the suggested solutions (it is easier to be critical, more difficult to be part of the solution). If you can not do this and you are going to leak / break out, then stop. Thanks! – Brian Armstrong – barmstrong.eth (@brian_armstrong) June 10, 2022 Four days ago, Armstrong responded on Twitter to an employee request for the removal of Coinbase executives, calling it “really silly on many levels” and encouraging employees who are unhappy with the situation or proposing solutions to resign. The employee report cited issues that do not seem as silly as Armstrong claimed, calling the company “aggressive recruitment for thousands of roles, despite being an unsustainable plan and contrary to the wisdom of the encryption industry.” He did not mention the promotion of the Super Bowl, but noted the excessive priority of some projects. It all started with the Coinbase NFT platform, which was released at an extremely difficult time, given the decline in overall market activity and which failed to capture the interest of people marketing digital brands. In May, the Wall Street Journal reported that company executives, including Armstrong, co-founder Fred Ehrsam, president and COO Emilie Choi, and CPO Surojit Chatterjee, had laundered $ 1.2 billion in stock sales from its IPO. Coinbase in April 2021. The company’s shares opened at $ 382 and are currently trading at around $ 52. This layoff comes after Coinbase began canceling job offers This layoff comes after Coinbase began canceling job offers that had already been accepted by candidates. The sudden change even left some visa holders at a dead end, as well as others who had bypassed other opportunities or arranged to leave their previous jobs. In a report yesterday, Motherboard counted more than 300 people whose bids were canceled. Other cryptocurrency companies such as BlockFi, Crypto.com and Gemini also announced layoffs recently, as the price of Bitcoin fell in each of the last 12 weeks and now stands at about $ 21,884 after peaking at $ 69,000 last November. In the blog post, Armstrong says: “The next hour each employee will receive an email from HR informing them if you are affected or not affected by this dismissal.” Those who are laid off will receive at least 14 weeks of dismissal plus two additional weeks for each year of employment after their first – plus four months of COBRA health insurance in the US and four months of mental health support worldwide and access to a talent center supposed to help. to find new jobs.
