Crypto headcount surges over 100% since 2019 despite implosions
While industry giants like Binance hire and lay off thousands of people, other crypto heavy-weights like Tether currently only have 60 employees.
Čítaj viac
Značka: Job
Nansen lays off 30% of its workforce
The CEO of Nansen cited two reasons for the layoffs, including an overly aggressive hiring phase during the bull market and the prolonged crypto bear market that followed.
Čítaj viac
Shaping the future of Web3 employment: Intropia joins Cointelegraph Accelerator
Intropia enables the development of a professional Web3 network with the help of on-chain profiles and introductions.
Čítaj viac
Elon Musk faces class-action suit over mass Twitter layoffs
Amid Twitter beginning mass layoffs, the company employees are launching a class-action lawsuit against the new Twitter CEO, Elon Musk.According to multiple sources, Musk started massive layoffs at Twitter on Nov. 4, reducing the company’s workforce of 7,500 people. The CEO was speculated to cut as much as 50% of Twitter’s staff, or about 3,500 people, just a few days after acquiring Twitter for $44 billion on Oct. 27.In response to the layoffs, Twitter employees filed a class-action lawsuit against Musk in San Francisco federal court, Bloomberg reported. The suit argues that Twitter is violating federal and California laws by laying off employees without enough notice.The action specifically refers to the federal Worker Adjustment and Retraining Notification Act, which restricts large companies from mounting mass layoffs without at least 60 days of advance notice.Shannon Liss-Riordan, the attorney who filed the class-action lawsuit on Nov. 3, said that all Twitter employees should be aware of their rights. The employees “should not sign away their rights and that they have an avenue for pursuing their rights,” the attorney noted.Liss-Riordan is known for also suing Musk’s electric vehicles firm Tesla over similar claims in June 2022, when Musk cut about 10% of its workforce. Tesla eventually won the case in closed-door arbitration instead of in open court, while Musk reportedly described the Tesla lawsuit as “trivial.”“It appears that he’s repeating the same playbook of what he did at Tesla,” Liss-Riordan stated.The layoffs are part of many changes taking place at Twitter amid Musk’s takeover, including paid account verification. According to reports, Twitter will start charging for Twitter verification starting on Nov. 7.Mass dismissals are not exclusive to Twitter as many companies around the world have been cutting workforce amid the ongoing technology industry’s slowdown. Tech giants including Meta, Amazon, Microsoft and Google have been either freezing hiring or cutting jobs for months.Related: Saying ‘not financial advice’ won’t keep you out of jail — Crypto lawyersMany crypto companies have also been affected, adding to the impact of the ongoing bear crypto market. According to data compiled by crypto data provider CoinGecko, cities like San Francisco, Dubai and New York are the hardest hit by crypto layoffs in 2022 to date.Source: CoinGeckoThe news comes after the New York Stock Exchange delisting Twitter on Oct. 28 amid the social media giant becoming a private company. Other crypto-friendly trading platforms like eToro and Robinhood also delisted Twitter shares from their platform.Major global cryptocurrency exchange Binance invested $500 million to take a share of equity at Twitter. Binance CEO Changpeng Zhao said that the investment has a high potential in terms of monetization, free speech in the crypto community as well as the opportunity to eventually “help bring Twitter into Web3.”
Čítaj viac
Happy Halloween: The five spookiest stories in crypto in 2022
After over 13 years of ups and downs, this year stands out for having the most turbulent bear market in the history of crypto. Owing to a mix of factors — that include regulatory clearances across the globe and improved credibility among projects that survived the bear market — the world of crypto marked numerous milestones this year. However, certain events in 2022 could raise goosebumps on the toughest diamond hands out there. Moreover, it was impressive to see crypto projects, in many cases helping each other, bounce back through an era of uncertainty.Acknowledging the spookiest events this Halloween, we list the scariest events that shook the crypto ecosystem, leaving a significant impact on investors, businesses, entrepreneurs, miners and developers.The key driver for the following list is widely attributed to the highly volatile time frame and geopolitical uncertainties, which saw the price fall across all sectors.The extended crypto crash: Fear of the bearsThe year 2022 inherited a turbulent crypto market, which started off slowly crashing in November 2021. As a result, immense fear and uncertainty gloomed across the crypto ecosystem right from the start of the year.The bear market ate away more than $1 trillion from the crypto market — bringing down the overall market cap from over $2.5 trillion to under $1 trillion in a few months. The 2022 crypto crash scared investors as it drained out profits from all sub-ecosystems, including Bitcoin (BTC), cryptocurrencies, nonfungible tokens (NFTs), and decentralized finance (DeFi), among others.The loss was felt both ways. While the price depreciation translated to investors losing a part of their life savings, businesses were struggling to stay open amid massive sell-outs and a lack of investments.The scary instability of algorithmic stablecoinsThe Terra ecosystem collapse is widely considered to be the biggest financial catastrophe ever witnessed in crypto by a single entity, and rightfully so. The two in-house offerings from Terra Labs destabilized and almost instantaneously lost their market value. In the early days of the crash, Terra co-founder Do Kwon was found publicly discussing ways to help investors recoup losses. Binance CEO Changpeng Zhao suggested burning LUNC tokens to reduce the token’s total supply and improve its price performance.Shortly after, as regulatory scrutiny started building up against Terra’s operations, Kwon decided to go incognito, with his exact whereabouts unknown.Numerous entities — including disgruntled investors, South Korean authorities and a Singaporean lawsuit — are still in pursuit of Kwon, despite his comments to the contrary.I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide— Do Kwon (@stablekwon) September 17, 2022However, Kwon maintains that he’s not “on the run” and plans to come out with the truth in the near future. The whole incident highlighted the risks related to the peg mechanisms of algorithmic stablecoins. Similarly, stablecoin Acala USD (aUSD) lost its peg in August 2022 after a protocol exploit caused an erroneous minting of 3.022 billion aUSD. A subsequent decision to burn the tainted tokens was made in order to regain their dollar value. Given the numerous other examples of stablecoin crashes, draft legislation in the United States House of Representatives called to criminalize the creation or issuance of “endogenously collateralized stablecoins.”Sweeping layoffs and job cuts The burden of losses was also shared by some crypto companies’ ex-employees. Prominent players including Robinhood, Bitpanda and OpenSea announced massive layoffs, owing to reasons that circle back to surviving the bear market.Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022
On the other hand, crypto exchanges such as FTX and Binance showcased resilience to price volatility and continued their hiring spree to support the ongoing expansion drive.We are hiring, aggressively. Find where to apply yourself. It’s the first test/filter. — CZ Binance (@cz_binance) May 17, 2022
Crypto organizations that chose to lay off employees did it to cut operational costs and wind down loss-making components.More recently, it was found that over 700 tech startups have experienced layoffs this year, impacting at least 93,519 employees globally. However, the tech community — from both crypto and non-crypto sectors — has been found migrating into Web3.Crypto hacks: Humans are the real monsters One of the more visible problems engulfing crypto such as hacks and scams just got bigger in 2022. Hackers drained out millions of dollars worth of crypto by exploiting vulnerabilities present in poorly vetted crypto projects.A strategy that was widely opted by the hacked projects this year was to offer the hacker a pink slip for returning a part of the loot. In the case of Transit Swap, a decentralized exchange aggregator, the hacker agreed to return around 70% (roughly $16.2 million) of the stolen $23 million fund.Updates about TransitFinance1/5 We are here to update the latest news about TransitFinance Hacking Event. With the joint efforts of all parties, the hacker has returned about 70% of the stolen assets to the following two addresses:— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022
While some hackers chose to return a part of the funds in exchange for immunity against prosecution, other projects such as Kyber Network and Rari Fuze have not been successful in pursuing their respective hackers to return the stolen funds.This year also was witness to a spike in the number of phishing attempts, where hackers managed to access social media accounts of prominent figures, such as the South Korean government’s YouTube channel, Indian Prime Minister Narendra Modi’s Twitter account, and PwC Venezuela’s Twitter account to shill fake giveaways to millions of followers.Governments across the world consistently issued warnings against phishing attempts involving fraudulent apps and websites impersonating prominent crypto exchanges like Binance.Resurrection overdue: NFTs, Web3 and the metaverseTalks around nonfungible tokens (NFTs), Web3 and the metaverse took over the crypto ecosystem by storm, promising virtual use cases that extend into the real world. Celebrities, actors, musicians and artists catalyzed adoption by using the budding technologies as tools to reconnect with fans or simply inflate their own wealth.The NFT hype was officially declared dead in July 2022 when daily sales recorded yearly lows as investors that recently suffered losses refrained from stepping on the seemingly sinking ship. Despite the nosedive statistics, the NFT ecosystem saw support from some of the biggest celebrities, which include musicians Snoop Dogg and Eminem, tennis legend Maria Sharapova and professional fighters Connor McGregor and Floyd Mayweather.The decreasing interest in NFTs translated into a lack of investments in newer projects building use cases around Web3 and the metaverse. Meta, arguably the biggest contender in the metaverse, has plans to pump $10 billion every year into its project. However, an unclear roadmap and uncertain revenue streams plague the ecosystem from attaining mainstream acceptance.Setting aside the fear, the biggest lesson that the spookiest events in the crypto showcase is the need to do independent research before making any investments. Past mistakes — such as investing in an unvetted project, trusting unknown sources and sharing private information over the web — will come back to haunt you.This Halloween, Cointelegraph wishes you pumpkin spice and everything nice. Visit Cointelegraph to stay up-to-date with the most important developments in crypto.
Čítaj viac
Crypto companies are still hiring, but you may not find a job post about it
Crypto companies are still hiring but might not be actively recruiting amid the market downturn. If you are considering joining the space, however, this is still a good time to get your feet on the door, sources in the industry told Cointelegraph. “While there may not be as many open roles advertised as there were last year, companies are definitely still hiring. Our clients continue to come to us for assistance with finding top talent for key hires,” noted Tyler Feinerman, global head of talent for Wachsman. According to data from LinkedIn, over 7,200 job positions were listed in October in the United States. Also, the number of monthly jobs posted on blockchain job site Crypto Jobs List in September is back to the same level as one year ago. The limited pool of talent still represents a challenge for companies in the space, said Feinerman, even with the wave of layoffs that slashed over 11,000 positions in the past six months. Unfortunately several crypto exchanges announced big layoffs recently: – @coinbase 18%- @Gemini 10% – @cryptocom 5%- @BlockFi 20%Despite all this several of our hiring partners are still looking for devs: Rust, Solidity, React, NodeJS… ✉️ DMs are open! #hiring— CryptoCareers | Hiring Web3 Developers (@_cryptocareers) June 14, 2022“People in the industry are wearing many hats now,” explained Emily Landon, founder and CEO of The Crypto Recruiters, as more companies have slowed down the hiring process in the past months. The opportunities are still there, she said, but the bear market affected the crypto and Web3 sector in various ways. Regular job posts are less likely to be found, meaning that candidates must actively network to land a position.Joining Discord and Telegram channels, along with crypto meetups to engage with community members, remain key strategies for those who seek to work in the crypto space. “I really encourage people who are interested in working in the Web3 space to attend local meetups. Tons of cities have crypto meetups that anyone can attend, and they are great opportunities to network and meet people who are already in the industry,” said Feinerman.Amid the crypto winter, companies are also revisiting their priorities when hiring, with more available positions for product development roles rather than marketing and sales. “Companies shift their hiring plans to focus more on developer and product roles and building,” commented Wachsman’s head of talent.As previously reported by Cointelegraph, to keep up with the demand for professionals in the coming years, colleges and universities have started offering specialized courses to help students better understand the blockchain ecosystem, with programs at the University of California, Berkeley and the University of Wyoming among the entities targeting the workforce of the future.
Čítaj viac
Former JPMorgan, Barclays execs on why crypto jobs attractive even in bear market
Despite the ongoing cryptocurrency market decline and associated forced layoffs in major crypto firms, a career in crypto doesn’t turn less attractive to many traditional finance executives.European crypto exchange-traded fund (ETF) provider 21Shares announced three major hires on Wednesday to expand its presence in countries like France, Germany and the United Arab Emirates.Marina Baudéan, 21Shares’ newly appointed head of France, Belgium and Luxembourg, is debuting her crypto career after working for more than 15 years at the British universal bank Barclays.Baudéan is confident that crypto is “all about the next generation of technology,” and it’s here to stay despite market fluctuations or other issues. Having witnessed many technological changes throughout her career, she drew parallels between crypto and the early days of digital trading, stating:“I began my career in Electronic Fixed Income Trading back in 2000, when traders told me they would never trade electronically. Over twenty years later, this market is now very much electronic.”“Making the move from traditional finance to crypto was a natural progression to me,” Baudéan said in an interview with Cointelegraph, adding that the growth and momentum around crypto made her eager to move into crypto.Oliver Schäfer, 21Shares’ new head of Germany, also joined the crypto ETF firm with a solid traditional finance background, bringing decades of experience across major financial firms. Prior to starting a crypto career, Schäfer spent more than 15 years at the American investment bank JPMorgan.“I believe in the long-term opportunity of crypto — the asset class is growing and is only in its early days, so I am focused on the long-term opportunity versus the short-term market conditions,” Schäfer said, adding that it is an “exciting time to be in crypto,” Schäfer noted that he first invested in crypto in 2020, eventually growing more interested in the technology and industry developments.Despite JPMorgan actively taking part in the crypto industry, CEO Jamie Dimon is known for some notable criticism of cryptocurrencies like Bitcoin (BTC). To this, Schäfer — former JPMorgan’s executive director — noted that many institutions have adopted crypto assets after initially being skeptical about them, stating:“It’s important to remember that across the course of history, many people have been initially skeptical about technological developments before they were adopted in the mainstream — like with computers and cell phones. This is the natural course of technological advancements.”Sherif El-Haddad, former head of asset management at Dubai-based Al Mal Asset Management, has joined 21Shares as head of the Middle East.Related: OpenSea lays off 20% of its staff, citing ‘crypto winter’“I believe in the underlying fundamentals of cryptocurrencies and the growth it is expected to witness over the next decade, and I positioned myself accordingly,” El-Haddad said. He also mentioned that he attempted to launch a physically-backed crypto ETF at Al Mal, but his proposal was not approved. He added:“Cryptocurrencies have been well received globally by retail investors and the expectation is that institutional and ultra-high net worth are now moving in buying after the recent price correction.”The new hirings by 21Shares are another evidence that the crypto job market has been holding strong despite the bear market and a massive wave of layoffs.Major crypto companies, including big names like Coinbase and Gemini, decided to lay off up to 20% of its workforce so far, citing tough market conditions and the beginning of an economic recession. In contrast, many crypto firms FTX or the Binance crypto exchange continued to hire more talent during the ongoing crypto winter.
Čítaj viac
Tech trade group calls for regulatory clarity, claiming crypto job losses threaten US interests
The tech trade group Chamber of Progress called on members of the United States Senate and House of Representatives for regulatory clarity in the crypto space in an effort to prevent firms from leaving the country.In a Wednesday letter addressed to eight committee chairs in the House and Senate, Chamber of Progress financial policy director Janay Eyo urged Congress to consider moving forward on “substantive legislation to ensure the future of our nation’s crypto industry,” citing concerns about jobs and the country’s position as a leader in global finance. According to the trade group, government leaders including those from the Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Reserve and Biden administration have called for Congress to lead in establishing a regulatory framework for digital assets.“Without congressional action, a lack of clear rules and regulations has contributed to the current instability in crypto markets,” said Chamber of Progress. “Some of the companies that have failed took advantage of a lack of clear regulations in the market. Industry leaders have warned that smaller exchanges offering generous margin loans are quietly becoming insolvent.”The group added:“It is imperative that Congress act to ensure investor protection by providing rules of the road, which would, in turn, help weed out bad actors in the industry.”For the crypto industry, the combination of an unclear regulatory environment and a market downturn have resulted in layoffs, bankruptcies, and even the possibility of moving overseas. To save U.S. jobs, Congress needs to act.Read our full letter here: https://t.co/FUaS28KJNf pic.twitter.com/tXzJMwZrpy— Chamber of Progress (@ProgressChamber) July 20, 2022According to Chamber of Progress, the lack of regulatory clarity in the United State could cause companies “to seek greener pastures overseas,” potentially threatening the country’s interests by forcing many high-paying, remote-friendly jobs that largely survived the pandemic abroad. Crypto firms like Ripple have considered moving their headquarters outside of the United States, and others have expanded offerings to regions including the Middle East.“The increase of countries developing crypto regulatory policy should motivate the U.S. to act quickly to review relevant legislative proposals introduced this Congress,” said the group. “It’s time to move the crypto policy debate from “we need regulation” to ‘what are the impacts of specific regulatory proposals?’”Related: US Commerce Dept. asks digital asset industry for input on competitiveness frameworkIn contrast to the United States, the European Union passed legislation aimed at harmonizing regulations for cryptocurrencies among EU member states, called the Markets in Crypto-Assets Framework, or MiCA. On Wednesday, the government of the United Kingdom also introduced its financial services and markets bill that included regulations on stablecoins.
Čítaj viac
OpenSea lays off 20% of its staff, citing ‘crypto winter’
Nonfungible token (NFT) marketplace OpenSea announced mass layoffs on Thursday, joining other crypto companies in reducing headcount during one of the most volatile periods in the industry’s history. Co-founder and CEO Devin Finzer took to Twitter Thursday afternoon to disclose that his company was laying off up to 20% of its staff. In a long message conveyed to employees, Finzer blamed “an unprecedented combination of crypto winter and broad macroeconomic instability” for the layoffs. Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022″[W]e need to prepare the company for the possibility of a prolonged downturn,” he said, adding:The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once.The layoffs reflect the dire state of the crypto market, whose combined value has declined by more than two-thirds compared to last year’s peak. That OpenSea, the largest NFT market in the world by volume, was cutting jobs offers a stark realization that no company is safe from the downdraft of so-called crypto winter.Related: OpenSea announces new security features to protect users from NFT scamsMass layoffs at crypto companies have become the norm in recent months, with the likes of Gemini, Crypto.com, BlockFi and Coinbase cutting hundreds of jobs. According to one estimate, crypto companies shed 1,700 payrolls in June alone.That being said, not every company in the space is reducing staff; exchange giants Binance, Kraken and FTX have each reaffirmed plans to add more employees in the coming months.
Čítaj viac
Bear market delivery! Bitcoiner rejoins DoorDash to buy more BTC
What did you do in the 2022 bear market, anon? For one Bitcoiner, the opportunity to take on a second job to “stack sats” (buy more Bitcoin (BTC)), was too great. Isaiah, the founder of the Cleveland Bitcoin Meetup, is delivering food to Ohio residents to earn cash on the side.Isaiah told Cointelegraph “I joined DoorDash 2 years ago. But I only recently started doing it again once the price fell into the 20[K]s.” DoorDash is an American food delivery service (similar to Glovo or Deliveroo), where riders pick up food from restaurants to take to people’s homes. Isaiah “originally joined DoorDash to make extra side hustle money,” but he’s now making roughly “36,000 sats per order” ($7) as per this tweet:Making roughly 36,000 sats per order. The journey of doordashing after work until we’re back above the 200-week continues! #Bitcoin pic.twitter.com/nBU2rZPz9S— ₿ Isaiah⚡️ (@BitcoinIsaiah) June 27, 2022For Isaiah, who knows a thing or two about being underwater thanks to training as an open water diver– the “price levels are too great not to stack more.” Driving for DoorDash compliments his full-time job as a software developer to save more in Bitcoin. He told Cointelegraph:“When Bitcoin is back above the 200 weeks, I’ll likely stop door dashing and continue stacking Bitcoin with my regular day job. Doordash is just extra sat stacking money for me.”The price of Bitcoin has languished under the 200-week moving average and the $20,000 price level for weeks. The Bitcoin price is under the 200wSMA (blue line) and has been since the 13th June. Source: Trading View He shares the same view as Former congressman Ron Paul, that “Bitcoin is money,” and thanks to its deflationary supply schedule, it’s also a savings technology. Natalie Brunell the host of Hard Money shares the same view; Bitcoin can preserve time and wealth: “Bitcoin is my money. It’s what I save in (and occasionally spend). Being able to store the value of my labor outside the control of any corporation or government is incredible.”Related: Trader puts faith in crypto despite the failed first investmentAs for beating those bear market blues, Isaiah organizes and attends the monthly Bitcoin meetup in Ohio while sharing Bitcoin-related advice for readers:“For all the people getting caught up in the price. Focus on your Bitcoin stack instead of the fiat price. Seeing the amount of sats you own go up will help keep your mental health better during these rough times.”Looking after mental health is particularly pertinent. Despite Jim Cramer, who lashed out by saying that crypto has “no value,” here is a Bitcoin meetup held at a wildlife park.
Čítaj viac
Sweeping layoffs, hiring, and firing as crypto prices take a massive downturn
Many in the crypto world have been glued to their screens with eyes dead set on financial conditions this week. That isn’t the case for everyone though, as thousands are suddenly experiencing woes of sudden unemployment.Words of encouragement and sympathy also poured out across Twitter and LinkedIn consoling individuals released from their responsibilities. Some expressed frustration, confusion, and anger while others expressed gratitude, renewed vision, and reflections.My heart is with those recently laid off. I too have been one of the lucky ones to be spared by massive layoffs on days where friends have been let go. This privileged situation has its own anxiety, displacement and upheaval. Sorry you’re going through this moment.— Matt Murray (@vintageneon) June 16, 2022As recently laid-off talent takes to social media to let the world know, multiple companies have stood up to offer job interviews to those in distress.Binance has been vocal across social media, offering two thousand jobs to replace the thousands that were recently dissolved. The company’s CEO and President Changpeng Zhao, or CZ, provided additional support to the freshly made available talent pool.It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O— CZ Binance (@cz_binance) June 15, 2022
CZ went on to say, “While lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before. Those that fail honestly, will start new projects and bring critical learnings from this experience. This is how an industry grow.”Ripple (XRP) also offered opportunities via a tweet sent from their CEO, Brad Garlinghouse.Ripple is hiring for hundreds of roles around the globe – both in person and remote. Fair warning – we have a “no assholes” policy here. If that’s the kind of culture you’re looking for, apply here https://t.co/49kPgUOMpR https://t.co/IZl4wskYFp— Brad Garlinghouse (@bgarlinghouse) June 16, 2022
Crypto exchange Kraken stepped in offering somewhat conditional employment opportunities. A thirty-two-page manifesto outlining the company’s culture was released for interested parties looking to join the company.Several other companies sent out tweets offering fresh employment opportunities as well.Unfortunately several crypto exchanges announced big layoffs recently: – @coinbase 18%- @Gemini 10% – @cryptocom 5%- @BlockFi 20%Despite all this several of our hiring partners are still looking for devs: Rust, Solidity, React, NodeJS… ✉️ DMs are open! #hiring— CryptoCareers | Hiring Web3 Devs (@_cryptocareers) June 14, 2022
Rob Behnke, CEO of Halborn Security tweeted with fully remote opportunities in marketing, sales, security engineering, and HR.To those affected by the $COIN Coinbase, BlockFi or general web3 layoffs: @HalbornSecurity is hiring Marketing, Sales, Security Engineering, HR and much more! 100% Remote!https://t.co/UnvgyLwT9j— //Rob Behnke (@robbehnke) June 14, 2022
In recent days, token prices have taken a dive, investment firms and exchanges are facing insolvency, and Bitcoin’s support at $23K continues to waiver with some even eyeing $8k as the incoming low. Many portfolios are deep red as scores of investors look to hedge their tax-losses as a means to aid in numbing their financial pain.Criticism from Hester Peirce roasted the SEC, while Mark Cuban offered some words of wisdom, “Like [Warren] Buffett says, ‘When the tide goes out, you get to see who is swimming naked.” Job seekers, investors and crypto enthusiasts can only wait with baited breath for what will occur next.
Čítaj viac
Crypto exchange Coinbase slashes staff by 18% amid bear market
Coinbase CEO Brian Armstrong officially announced on Tuesday that he made a “difficult decision” to reduce the size of the Coinbase team by about 18% due to a starting economic recession.“We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,” Armstrong wrote. He added that the trading revenue significantly declined during past crypto winters, noting that Coinbase has survived through four major crypto winters since its foundation in 2012.Armstrong emphasized that the firm has been growing “too quickly,” with Coinbase’s headcount reaching 1,250 employees as of early 2021. According to the CEO, the team has grown four times in the past 18 months and their employee costs are “too high to effectively manage this uncertain market.”According to the announcement, all departing employees will receive support in finding a new role, including a minimum of 14 weeks of severance as well as an additional 2 weeks for every year of employment beyond 1 year. Additional support includes four months of health insurance in the United States and four months of mental health support globally.Coinbase’s massive layoff announcement came shortly after Armstrong took to Twitter on June 10 to criticize its employees for issuing a public petition to remove some senior Coinbase executives in a vote of no confidence. The petition specifically calls to remove chief operating officer Emilie Choi, chief product officer Surojit Chatterjee as well as chief people officer LJ Brock.According to the petition’s authors, Coinbase’s executive team has been making decisions that were “not in the best interests of the company, its employees, and its shareholders.” The petitioners argued that those decisions led to results like the failure of the Coinbase NFT platform, toxic workplace culture, apathetic attitude from senior management and others.Major United States-based cryptocurrency exchange Coinbase is cutting its headcount amid Bitcoin hitting its two-year lows around $21,000.16/ If you’re unhappy about something, work as part of the team to raise it along with proposed solutions (it’s easy to be a critic, harder to be a part of the solution). If you can’t do that and you’re going to leak/rant externally then quit. Thanks!— Brian Armstrong – barmstrong.eth (@brian_armstrong) June 10, 2022Coinbase previously announced in May that it would slow down hiring and reassess its headcount in order to ensure it continues operating as planned.In announcing a new massive layoff, Coinbase joins the growing list of firms that had to cut their staff amid the ongoing bear market, including Winklevoss brothers-founded Gemini, crypto-friendly trading platform Robinhood and the BlockFi trading platform, which said it was laying off 20% of its staff on Monday.Crypto.com CEO Kris Marszalek also took to Twitter on Saturday to announce that the Singapore-based exchange would lay off 260 workers, or 5% of its workforce.Related: FTX will not freeze hiring amid layoffs at other crypto firms, CEO statesDespite some crypto companies increasingly reducing the size of their teams, others continue hunting for new talent. Binance, one of the world’s largest crypto exchanges, is still hiring, having more than 2,000 roles open for engineers, product, marketing and business developers. “The crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent,” Binance CEO Changpeng Zhao said.
Čítaj viac
Získaj BONUS 8 € v Bitcoinoch
Registrácia Binance
