Bitcoin exchange Coinbase has suspended staff expansion for two weeks and has slashed spending on Amazon Web Services as part of a cost-cutting package. The Information writes about this, citing sources.
Previously COO and Coinbase President Emily Choi warned of reassessing the need for specialists amid the current downturn in the cryptocurrency market.
The new moves come after a net loss of $429.7 million for the first quarter (double the market’s forecast).
According to the publication, the company will provide additional share options to offset half of the difference between the strike price and the closing price of securities as of May 13.
Coinbase Chief Product Officer Surojit Chatterjee on Twitter revealed the details of the plan to improve business efficiency.
On Tuesday I sent out a memo announcing that we will be increasing our focus on critical revenue-generating products. Here are some more details 🧵
— surchatt.eth (@surojit) May 19, 2022
The top manager suggested expanding the number of trading instruments for retail and institutional clients, as well as assets for staking. He explained that the company does not intend to stop investing in strategic and venture projects.
Recall that the online broker Robinhood reduced staff by 9% against the backdrop of a 75% collapse in shares after the IPO.
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