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Brian Armstrong, CEO of American exchange platform, Coinbase, is laying off 18% of the current team, as a means of ensuring checks and balances through the recession period. This is according to a statement in the platform’s official blog.
Coinbase’s Rapid Growth Resulted In More Inefficiency
Armstrong’s seemingly harsh decision is a means of preventing the company’s collapse in the face of the ongoing market recess. While he is optimistic about the future of the market, he is fully aware of the market’s unpredictable nature and planning for the worst.
Coinbase has developed a thick skin in the market, after successfully navigating through four crypto winters, and the latest decision is another step towards survival. The platform’s rapid growth meant there were more people than required, hence, the decision to cut off some people.
For the sake of efficiency and effective cost management, an 18% lay off of the team is in place with affected members, adequately planned for. The CEO made sure to be held accountable for the recent twist in his growth plan for the company.
Reacting to the news, Ran Neuner, a key crypto proponent took to Twitter to relay his thoughts. He feels a layoff could work out well in limiting government’s ability to increase rates due to the high rate of unemployment.
Binance Opens 2,000 Vacant Slots for Hiring Amidst Market Crash
In contrast, CZ, while speaking over the weekend in Texas, at Consensus 2022, announced Binance was currently hiring as much as 2,000 new recruits despite the current declining state of the market.
Zhao believes in the exploitation of the bear market which presents the perfect opportunity for integrating developers who possess the mindset for effecting positive changes and upgrades.
Coinbase has recently announced an 18% layoff of the already existing team due to the recession, as have other exchange platforms too, making CZ’s announcement rather surprising. Rather than sulk like the others, CZ intends to maximize the dip by gearing his efforts towards expansion.
The open slots cut across various specialties in the crypto field, ranging from direct developers, as in the form of engineers, to backend players such as marketers. The current market dip comes off the back of an all-time high value achieved sometime ago last November.
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