Coinbase Is Losing A Few Team Members
If it seems like less than two weeks ago when Coinbase's Chief People Officer, L.J. Brock, blamed "current market conditions" in the cryptosphere for a hiring freeze, that's because it was.
In a memo posted to the company's public blog, Brock also said Coinbase was poised to rescind some existing offers. It's "not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas," Brock explained. At the time, Bitcoin was trading around $30,000.
11 days a
Ha, I thought the exact same thing when I read his quote about “traction.” I’d also throw in that his definition of “accountability” is quite loose. I will say that the amount of severance seems reasonable, but that will likely be little solace to the newly unemployed looking for jobs in a tough macro environment.
I guess defi platforms requiring thousands of employees can be good, but also seemed burdensome to it’s growth.
I’m not sure if I’d expect a campaign in charity if this indicates the benevolence of future currency.
RIFing a fifth of the company by turning off their logins – about as unclassy as it gets. When (or if) COIN ever needs to attract top people again, it won’t.
Risk management doesn’t seem like a natural place to start cutting.
I’m glad somebody got it.