Coinbase abandons plans to expand staff

by in Cryptocurrency News

Coinbase

In February, the crypto company Coinbase announced its intention to hire about 2,000 more people. However, the dominance of bearish sentiment in the market forced the American giant to reconsider its personnel policy.

Last Thursday, Coinbase's press office announced that it was refusing such a significant increase in the company's staff for the time being. It was decided to sharply slow down the pace of hiring new employees and focus on the most promising and profitable areas.

A year ago, the company employed about 1700 people, now the number of employees is 4948.

Trending: Ethereum Active Addresses Dropped to a 4-Month Low

Many Wall Street analysts believe that Coinbase is spending a lot of money on maintaining such a large staff. Operating expenses of the company in the first quarter increased by 9% to $1.7 billion.

Another major crypto exchange Gemini, run by twins and billionaires Cameron and Tyler Winklevoss, is operating in a similar direction. This company announced a 10% reduction in the number of employees also due to financial difficulties caused by the market stagnation.