New Delhi, Sep 5 : Despite having to lay off more than 1100 workers, the leading cryptocurrency exchange Coinbase had full-time employees.count was at 4,977 at the conclusion of the quarter ending June (Q2) -which is a 33 percent increase from the 3,730 employees that it employed at the close of the quarter in 2021’s fourth quarter, according to a report released on Monday. According to data from the niche news site BanklessTimes.com This is in stark contrast to the 18 percent cut in the workforce Coinbase made public in June.
“Coinbase has announced full-time positions across a variety of tasks that include customer service, engineering marketing, and customer support,” said BanklessTime’s Jonathan Merry.
Even though the business has had to cut back on some employees, “it’s important to remember that it’s expanding.While it might be cutting its workforce in certain areas however, the data suggests it’s still growing overall,” Merry added.
Although Coinbase is among of the most important companies in cryptocurrency, it has some way to go before it can get ahead of Google.The company employs more than 100,000 employees and is a company with a market capitalization of over $1.4 trillion.
“The moment’s market conditions are difficult for all in cryptocurrency.
However, it’s important be aware that the market is still relatively new and expanding.Even though some firms are struggling, other are expanding and hiring,” said the report.
Coinbase is also facing stiff opposition from rival exchanges, such as FTX and Binance which have been hiring a lot in recent months.
FTX for instance has more than doubled its staff over the last year.
Binance is located in Malta and is headquartered in Malta, has been hiring.The company has now employed more than 3,000 employees which is up from 1,000 in 2019.
Coinbase suffered a huge loss in both profit and revenue in the quarter ending Junerecording $1.1 billion in net loss.Revenue fell by $2.033 billion to $803 million in the previous quarter, which is a drastic decrease of more than 60 percent.
In terms of quarterly revenue the revenues of Coinbase decreased by by 31 percent as compared to Q1 and was influenced by a lower volume of trading.
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