Coinbase is laying off 15 customer support employees in a move that was unheard of for a company like them, one of the most influential cryptocurrency exchange in the whole world. This action can be the signal of a new policy change for this company for the near future. But now that the word is out that they might be close to filing an IPO, this kind of stories could play against them.
Coinbase Is Laying Off 15 Customer Support Employees
As we mentioned, Coinbase is laying off 15 employees, in a suprising news for this cryptocurrency exchange and startup. According to Yahoo Finance, these were customer support employees that were working in a decentralized way overseas.
These employees were hired far back in 2013 when Coinbase was in its nascent stages, and their user base was just reaching 300K traders. In that time, the policy was to hire remote workers to take care of the customer support. But now, Coinbase has grown exponentially, and things seem to have changed around.
Now, the policy of the enterprise is to have workers centralized in a work environment, and these workers have been left out this new vision. Coinbase did inform that some of these workers were given the chance to relocate to a Coinbase office.
Coinbase IPO Incoming?
This news could sound strange to some, now more than it is rumored that Coinbase will be filing an Initial Public Offering to sell some stake an go public, according to Rand NeuNer from CNBC. So this could also be a policy unification to face that incoming change.
So far this has not been confirmed, but the news went out yesterday and Coinbase did not make any comments about it. Coinbase is a cryptocurrency behemoth in America, with a valuation of more than 8 billion dollars and more than 550 employees worldwide, so 15 employees could not mean much.
But the truth is that according to YAHOO FINANCE, the situation has been managed poorly and the affected workers are not happy with the outcome. This is an entirely new situation for Coinbase, that even in the first months of this bear market year, had not laid out any workers.
Even in this awful year for the cryptocurrency market, they have made efforts to present new products and opportunities, like Coinbase Commerce and Coinbase Custody. And they have also thought about expanding to Japan, even with all the regulations turmoil that has happened there.