Coinbase

Coinbase is still struggling with a worsening cryptocurrency market. The exchange has announced that it's laying off 18 percent of its workforce, or about 1,100 jobs, to help weather difficult economic conditions. There's a "crypto winter," according to company chief Brian Armstrong, and the move is purportedly necessary to keep costs down during this dark period. Armstrong also saw this as a response to excessive optimism about crypto's future. Coinbase felt it had to grow rapidly in 2021 to compete across numerous…

The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021.Shannon Stapleton | ReutersCoinbase shares closed down 11.4% on Monday.Coinbase makes a commission when people buy and sell cryptocurrencies. Monday's move appears to be tied to the tumbling crypto market.Bitcoin is now trading at the lowest levels since December 2020, below $24,000, according to CoinDesk data. More than $200 billion has…

It. Is. Monday. And the Hacker Noon team (okay, that's a bit of an exaggeration. It's just me. It's always been me.) is still hungover from the slew of announcements that came out of yesterday's Xbox & Bethesda Game Showcase. Now look; I personally don't care whether you're Team Playstation™ or Team Xbox™ but I'm always up for gaming news, especially when it concerns ports coming to the King™ of all gaming: the PC. Ya heard me, console peasants. As The Witcher and Superman star Henry Cavill once said, "You either live…

Matt Turner / Bloomberg: As crypto tumbles, MicroStrategy, which owns 129K+ bitcoins, drops as much as 23%, while Coinbase, Riot Blockchain, and Marathon Digital each drop 14%+ — Cryptocurrency-related stocks plunged in premarket trading Monday as Bitcoin tumbled to its lowest level in 18 months amid a deepening selloff … Matt Turner / Bloomberg: As crypto tumbles, MicroStrategy, which owns 129K+ bitcoins, drops as much as 23%, while Coinbase, Riot Blockchain, and Marathon Digital each…

On the Thursday before he was supposed to start his new job at Coinbase, Sam Maher got an email with the subject line “Update to your Coinbase offer.” The update was that there was no offer. In response to “current market conditions,” the startup had eliminated a number of incoming positions, leaving Maher suddenly unemployed and feeling like he’d been broken up with by email.The same email reached hundreds of other would-be Coinbase employees, who had start dates ranging from the following week to late summer. Vijay…

Bird is the latest tech company to announce layoffs in 2022.Photo: Gerard Julien / AFP (Getty Images)Bird announced Wednesday it would lay off 23% of its employees from different teams and regions across the globe. The news, which was first reported by TechCrunch Tuesday, comes after the scooter company revealed it was off to a rough financial start in 2022. When Bird announced its first quarter earnings in May, reporting a hit in revenue, gross margins, and ride profits, founder and CEO Travis VanderZanden said that the…

Coinbase is pulling back on its hiring efforts. In a memo posted to Coinbase’s site, chief people officer L.J. Brock announced that Coinbase is putting a pause on hiring new employees, as well as rescinding several job offers already accepted by prospective workers, citing “current market conditions and ongoing business prioritization efforts.” The shift comes as the cryptocurrency market continues to trend downwards, dragging the supposedly immovable stablecoins, which are pegged to a fiat currency or commodity, with…

That's pretty cold!Nevermind!Nothing inspires investor confidence during an economic crisis quite like rescinding job offers, as Coinbase may soon learn.In an update about what was initially a two-week "pause" on hiring, Coinbase announced last night that not only would it be freezing hiring "for the foreseeable future," but that the company would also be rescinding "a number of accepted offers.""It’s become evident that we need to take more stringent measures to slow our headcount growth," Coinbase's "Chief People…

Coinbase isn't just freezing new hires as it grapples with a rough cryptocurrency market. Protocol says Coinbase is now rescinding some of its already-accepted job offers. The company determined that it needed to take "more stringent measures" to slow its growth and limit expansion to the most important segments. This will improve the company's recovery from the tumultuous crypto market, Chief People Officer LJ Brock said. Brock added that the firm would extend its hiring freeze for as long as necessary, and that the…

The crypto spiral is turning Coinbase into that employer who rescinds job offers via email.Illustration: Leon Neal (Getty Images)Late Thursday, the once-mighty cryptocurrency exchange Coinbase, which reported a 4,900% increase in profits in 2021, announced that it was pausing hiring “for the foreseeable future” because of the current market conditions. And while pausing hiring may be one thing, the company then decided to be the biggest of assholes, saying that it would rescind job offers from people who had already…