– Despite laying off 1100 employees, leading exchange Coinbase’s full-time employee count stood at 4,977 at the end of the June quarter (Q2) — a 33 per cent rise from the 3,730 workers it had at the end of Q4 2021, a report showed on Monday.
– According to data provided by niche news publisher BanklessTimes.com, this is in stark contrast to the 18 per cent reduction in workforce that Coinbase announced in June.
– “Coinbase is currently advertising several full-time vacancies across a range of functions, including engineering, customer support, and marketing,” said BanklessTime’s Jonathan Merry.
– While it’s true that the firm has made some redundancies, “it’s important to remember that it’s still growing. So while it may be trimming its workforce in some areas, the data suggests that it’s still expanding overall,” Merry added.
– While Coinbase is one of the most valuable companies in crypto, it still has a long way to go to catch up to Google. The search giant employs more than 100,000 people and has a market cap of more than $1.4 trillion.
– Coinbase also faces stiff competition from other exchanges like FTX and Binance, which have been aggressively in recent months.