cryptonews: Ten months ago, Coinbase CEO Brian Armstrong bragged that the company would hire another 2,000 employees in 2022, despite the emerging crypto winter. Instead, it has laid off more than 2,000.
Ten months ago, Coinbase CEO Brian Armstrong bragged that the company would hire another 2,000 employees in 2022, despite the emerging crypto winter. Instead, it has laid off more than 2,000.
"Over the past 10 years, we, along with most tech companies, became too focused on growing headcount as a metric for success." Armstrong also blamed the broader economic downturn as well as "the fallout from unscrupulous actors in the industry" — and warned "there could still be further contagion."Indeed, Armstrong said he believes "recent events will ultimately end up benefiting Coinbase greatly" — pointing to growing regulatory clarity and the failure of a large competitor, FTX, which on and off pushed Coinbase out of first place as the largest U.S. spot exchange.
"Despite everything we've been through as a company and an industry, I'm still optimistic about our future and the future of crypto ... Just like we saw with the internet, the most important companies not only survive but thrive during down markets by being rigorous with cost management, and continuing to build innovative products."Investors reacted positively, with Coinbase's stock up almost 13% by the close of trading.
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