The Humbling of Coinbase

The bloat was especially severe on Coinbase’s customer-service team. New staff members often felt that they didn’t have enough to do. “I got maybe four phone calls a day for a while,” said David Visini, a customer-service employee who was laid off. “It was dead, dead, dead.”

Ms. Choi, the chief operating officer, acknowledged that Coinbase had “overhired” during the pandemic and said it was difficult to integrate new recruits in a remote environment.

“I don’t know that we had exactly the right set of tools to set them up for success,” she said.

The crypto market crashed in May, causing Coinbase’s stock price to fall about 60 percent. In the first quarter, Coinbase’s revenue dropped 27 percent from a year earlier, to $1.17 billion, even as its expenses more than doubled, to $1.72 billion.

Its competitors appear to be faring better. Sam Bankman-Fried, chief executive of FTX, said in an email that his financial results had been “ballpark similar” to last year, when the company recorded profits of roughly $350 million. Binance, the largest exchange in the world, declined to reveal revenue figures. But in June, the company’s founder and chief executive, Changpeng Zhao, announced that he was hiring for 2,000 open positions.

That month, Coinbase employees circulated a petition demanding the ouster of several top executives. Mr. Armstrong responded aggressively on Twitter, calling on disgruntled employees to quit. But at a staff meeting, he and other executives struck a more conciliatory note, saying that employees should keep faith in crypto, and that the company would emerge stronger from the tumult, according to two people who attended.

A few days later, the company laid off 1,100 employees.

An Exclusive Interview with the Young & Dynamic Entrepreneur, Roberto.

Introduction: Get a closer look at Grand Winners Casino! A Casino that was founded by a young entrepreneur with the goal of bringing the best in gaming entertainment to customers. This Casino offers the latest and greatest games, as well as an unbeatable selection of slots and table games. They take great pride in providing […]

Know More
Elizabeth Zymovets is a professional dancer with a natural talent for the art form. Born in Ukraine in 1999, she started dancing at the age of five and quickly developed a passion for it.

Meet Elizabeth Zymovets: Rising Star in the Dance Community

Elizabeth Zymovets is a professional dancer with a natural talent for the art form. Born in Ukraine in 1999, she started dancing at the age of five and quickly developed a passion for it. Elizabeth has achieved over 50 first-place finishes in dance competitions in Ukraine, and she was recognized as a Master of Sports […]

Know More

Utility is the key to success in Crypto, YES WORLD announces gaming project addition to its Utility ecosystem

Singapore-(February 7, 2023) – Blockchain based climate tech company, owner of YES WORLD Token ($YES) announces launch of gaming project utility – Play2Earn for the community members. YES WORLD’s Play2Earn will be a new gaming unit focused on Gaming as a service, enabling game publishers to push their games through platform – PlayGame.guru. YES WORLD […]

Know More