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Despite the layoff of 1100 employees, led by cryptocurrency exchange Coinbase, its full-time employee count stood at 4,977 at the end of the June quarter (Q2) — a 33 percent increase from 3,730 employees at the end of Q4 2021. He showed a report on Monday.
According to data provided by niche news publisher BanklessTimes.com, this is in stark contrast to the 18 percent workforce cuts that Coinbase announced in June.
“Coinbase is currently advertising for several full-time positions in a variety of roles, including engineering, customer support and marketing,” said Jonathan Mary, the bank’s CEO.
Although it’s true that the company has made some cuts, “it’s important to remember that it’s still growing. So while it may be reducing its workforce in some areas, the data suggests that it’s still expanding overall,” Mary said.
While Coinbase is one of the most valuable companies in crypto, it still has a long way to go to catch up with Google. The search giant employs more than 100,000 people and has a market capitalization of more than $1.4 trillion.
“The current market situation is difficult for everyone in crypto. However, it is important to remember that the industry is still young and growing. While some companies are struggling, others are still hiring and expanding,” the report said.
Coinbase also faces strong competition from other exchanges such as FTX and Binance, which have been hiring heavily in recent months.
For example, FTX has doubled its workforce over the past year.
Malta-headquartered Binance was also on a hiring spree. The company employed more than 3,000 people, up from just 1,000 in 2019.
Coinbase reported a sharp loss in revenue and profit in the June quarter — a nearly 60 percent drop in revenue from $2.033 billion to $803 million.
Coinbase’s quarterly net income fell 31% compared to Q1, driven by lower trading volume.
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(Only the headline and image for this report may have been reproduced by Business Standard staff; the rest of the content was generated automatically from the syndicated feed.)
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