Crypto Exchange Coinbase Cuts Backs on Staff, Lets Go “About 15 Workers”

Alan Wass

Leading crypto exchange Coinbase has culled a handful of staff members this week. Reports are emerging that the cutbacks have been made across its customer support team, and other sectors dealing with compliance and fraud.

The story was picked up by Yahoo Finance, but at this moment not all the details are known about the situation, although the news outlet suggests a new executive wanted to centralize its customer service team.

Although Coinbase has apparently confirmed the cutbacks on staff, the number of employees let go by the crypto exchange is yet to confirmed although Yahoo Finance sources claim it is “about 15.” The San Francisco-based cryptocurrency exchange currently offers cryptoasset trading across 32 countries and crypto storage in 190 different nations. Coinbase has 550 employees.

It is believed that most of the released employees were remote workers, but the impact of the news is apparently having a negative effect on other company employees. Yahoo reported that one Coinbase source shed light on the current climate at the company, saying:

“People here are pretty upset about it, and so far senior leadership is handling communications poorly.”

Coinbase IPO Rumors

According to Ran NeuNer, host of the “Crypto Trader” show on CNBC Africa, has been claiming Coinbase is set to go public in the near future. Some commenters have pointed out stuff cutbacks may not be the company’s best move if it is planning an IPO.

The exchange giant has received new funding earlier this month at an $8 billion valuation. Recently, it added Charles Schwab board member Chris Dodds to its board.

The downsizing could simply be removing dead wood in readiness to going public. It will be interesting to hear Coinbase’s take on the matter to clear up the subject with so many people currently speculating on the issue.