The popular crypto exchange Coinbase Global revealed on Tuesday that it will lay off 18% of its global workforce amidst a crash in digital assets. This decision will affect 8% of the company’s workforce in India.
“Yesterday we made the difficult decision to reduce the size of our team which affected 18% of Coinbase’s global workforce. Although this did impact our India hub, the cuts were much lower than the global average. Approximately~ 8% of our India team was affected,” the Senior Director of Coinbase, Durgesh Kaushik said.
Kaushik said that in spite of the downturn, India stays a crucial market for the company.
“Despite these challenges, India remains a priority market for Coinbase & a strategic long-term growth bet. We are excited to announce that Arnab Kumar just joined us as Director of India Market Expansion to start building foundational partnerships and operations in the country,” Kaushik tweeted.
The CEO of Coinbase Brian Armstrong in a blog post earlier said that the firm planned to quadruple its India workforce with the addition of 1,000 over 300 existing employees. The firm also said that India would be its tech hub to develop its products, and revealed that half of the new hires will be engineers and Indian hires would account for a quarter of its overall potential recruitment in 2022. Those plans now seem unlikely to occur.
Also Read: Coinbase CEO Lays Off 18% Employees Fearing a Crypto Winter
Coinbase hired aggressively earlier in 2022, adding 1200 employees to its 5,000 employee base. The company also came under criticism for revoking job offers.
