Coinbase co-founder and CEO Brian Armstrong said at the Vanity Fair’s 6th New Summit at the Wallis Annenberg Center for the Performing Arts on October 23, 2019, “Tales from the Crypto: What. I will give a lecture on the stage of “the Currency of the FutureMeans for You”. Hills, California.
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Coinbase said it has emailed prospective customers of offers that were canceled on Thursday. The company also said it has extended its severance pay policy to those individuals to help them find employment and review their resumes.
LJ Brock, Coinbase’s Chief Human Resources Officer, said: Blog post On thursday. “Long-term hiring suspensions include backfilling, except for the roles required to meet the high standards set for security and compliance, or to support other mission-critical tasks.”
Coinbase lost more than 70% of its value this year as the sale of cryptocurrencies, coupled with economic turmoil, spurred a decline in users and revenue. Pain is felt in much of the tech sector. Uber And Facebook parents Meta Take similar steps, and Robin Hood Staff reduction About 9%.
Prior to the 2022 recession, Coinbase was one of the best flyers in the tech industry. Last year, the company tripled its staff to 3,730.Following that Nasdaq debut In April 2021, Coinbase reported that second-quarter sales increased 12-fold to $ 2.28 billion and profits increased 4900% to $ 1.6 billion.
But tech companies with the highest growth rates last year were hit hardest this year as investors turned to what they consider safer in a world of rising interest rates and rising inflation. With Bitcoin down more than a third and Ethereum down 50% this year, fewer people are competing with Coinbase to open an account and trade.
Coinbase Said last month Revenues fell 27% year-on-year in the most recent quarter, but total trading volume fell from $ 547 billion in the fourth quarter to $ 309 billion in the first three months of 2022.
“We always knew that cryptocurrencies would be unstable, but that volatility along with larger economic factors could test the company, and we personally in a new way. “Brock wrote in a post on Thursday. “The more flexible and resilient we are and the longer we focus, the stronger Coinbase will be on the other side.”