Coinbase layoffs to impact 8% of its Indian workforce

Coinbase CEO Brian Armstrong in a blog post earlier said the company planned to quadruple its India workforce with the addition of 1,000 over 300 existing employees. The company also announced that India would be its tech hub to develop its products, adding half of the new hires will be engineers and Indian hires would account for a quarter of its overall potential recruitment in the year. Those plans now seem unlikely.
Coinbase layoffs to impact 8% of its Indian workforce

Coinbase layoffs to impact 8 of its Indian workforce

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Crypto exchange Coinbase Global Inc said it will lay off 18% of its global workforce amid a crash in digital assets alongside stocks which resulted in hundreds of billions of dollars in lost market value. The decision will impact 8% of the company’s staff in India.
“Yesterday we made the difficult decision to reduce the size of our team which affected 18% of Coinbase's global workforce. Although this did impact our India hub, the cuts were much lower than the global average. Approximately~ 8% of our India team was affected” said Durgesh Kaushik, Senior Director of Coinbase.
Kaushik said despite the downturn India remains an important market for the company.
“Despite these challenges, India remains a priority market for Coinbase & a strategic long-term growth bet. We are excited to announce that Arnab Kumar just joined us as Director of India Market Expansion to start building foundational partnerships and operations in the country,” Kaushik tweeted.
Coinbase CEO Brian Armstrong in a blog post earlier said the company planned to quadruple its India workforce with the addition of 1,000 over 300 existing employees. The company also announced that India would be its tech hub to develop its products, adding half of the new hires will be engineers and Indian hires would account for a quarter of its overall potential recruitment in the year. Those plans now seem unlikely.
Coinbase hired aggressively earlier this year, adding 1200 employees to its 5,000 employee base. The company also came under criticism for rescinding job offers.
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