According to a number of crypto media sources, Coinbase cryptocurrency exchange has started downsizing its staff, with at least 15 persons being already fired. Paradoxically enough, the company has almost doubled its staff just a month ago, bringing it to 500 employees.
Many Coinbase staff members are anxious about these dismissals, as reported by Yahoo Finance.
According to anonymous insider sources, the U.S.-based cryptocurrency exchange has recently fired “at least 15 people”. Business Insider reported last month, however, that Coinbase hired 250 people against the background of rapidly scaling user base.
Coinbase administration explained the staff reductions by the need to streamline the workflow. However, Coinbase employees seem to oppose this decision:
“People here are pretty upset about it, and so far senior leadership is handling communications poorly,”- one of them wrote.
The firing spree has probably much to do with the policy pursued by the new Coinbase customer service head Tina Bhatnagar, who joined the exchange’s team in January 2018, Yahoo Finance reports. She thought it would be advantageous to centralize Coinbase’s team by moving the whole customer service team to offices. Thus, some of the former at-home employees were fired, whereas the others were offered an opportunity to relocate to the nearest Coinbase’s offices.
On October 25, Coinbase announced its plans for launching an initial public offering (IPO). Earlier this month, Recode media outlet claimed that Coinbase had been also negotiating with Tiger Global and its shareholders on the matter of $500 million investment.