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Gungun Bhatia
Nov 11, 2022
by Gungun Bhatia

Coinbase Lays Off Over 60 Employees Following Crypto Market Volatility

Coinbase Employees Termination

Table of contents

  1. Coinbase Employees Termination
  2. FTX Decline Impact on Crypto Market
Coinbase has announced the layoff of more than 60 employees in the midst of a volatile market sparked by the eventual collapse of another cryptocurrency exchange FTX. In a statement, the American cryptocurrency exchange Coinbase stated that the intention to terminate employees involved in hiring and onboarding would help it run as effectively as possible.

Coinbase Employees Termination

According to a corporate representative, impacted employees will get substantial retirement compensation. When Coinbase reorganized its production team in early November, 1,100 positions, or 18% of its staff, were lost in June.

Additionally, the chief product officer, Surojit Chatterjee, left the exchange after being lured away from Google three years ago in return for an enormous $646 million salary deal. According to a Coinbase SEC filing, Chatterjee will serve as Armstrong's advisor while on leave until at least February 2023.

FTX Decline Impact on Crypto Market

The cryptocurrency market has been rocked by FTX's abrupt decline in reputation. Trading platforms like Coinbase and Binance seem specifically focused on demonstrating that they are not committing and would not make the mistakes that could have led to FTX's problems.

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Cryptocurrency Coinbase FTX Employees Termination
Coinbase Lays Off Over 60 Employees Following Crypto Market Volatility
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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