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Coinbase cuts workforce after $8 billion valuation round: upcoming IPO’s growing pains?

Anirudh VK



Coinbase cuts workforce after $8 billion valuation round: upcoming IPO's growing pains?
Source: Unsplash

Reports have emerged that Coinbase is cutting its workforce ahead of its IPO. This comes after the valuation for the company was pegged at a whopping $8 billion. The move was reportedly in order to centralize their customer support, compliance and fraud departments.

Tina Bhatnagar, Coinbase’s new hire for management of customer service is said to be the driving force behind this round of layoffs. According to sources, the executive wanted the customer service staff to be centralized in Coinbase’s offices. However, this does not seem to be going swimmingly, as a source stated to Yahoo Finance:

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

When contacted about the layoffs, Coinbase declined to give a head count but confirmed the event. Reportedly, around 15 people were cut from the company. Most of the cuts were in the decentralized remote support teams that were utilized by Coinbase to provide customer support. However, this seems to be working in favor of the company, as they stated to Yahoo Finance:

“We’ve learned that certain teams who are co-located are more efficient, effective, and happier in their roles. So moving forward, some teams—including Support, Fraud, and Compliance—will only hire employees into Coinbase offices.”

Moreover, their first response rates have reportedly improved. This includes 4 hours to reply via email, under 3 minutes on telephonic conversations and resolution of 90% of all cases within 48 hours. They did mention that they would continue to be open to remote employees for jobs that are “hard to fill locally”.

The company seems to be readying itself for the scalability and efficiency required for the influx of customers that its upcoming IPO could bring in. However, the cryptocurrency community seems to treat this as a sign of the exchange failing to keep itself afloat.

User ElmerFudster said:

“Coinbase this is what happens when you put narrow ideology over making profits. Uphold has busily taken what could have been loyal customers if you had added XRP. Karma is a MF, Coinbase.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


Bitcoin nirvana is happening right now, says Max Keiser




Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.

Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.

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