TomorrowMakers

The company states that the continuous downfall in the market has harmed the business and is the reason for doing so.

Cryptocurrency crash

Disruption in the Crypto Market

According to the recent data, there has been a huge disruption in the market causing the cryptocurrency crash. Bitcoin, being one of the most popular and oldest cryptocurrencies has also faced this considerable downfall. An increase in dearness in America has also been a reason for the cryptocurrency fall in India.

To know more about the reason for the cryptocurrency crash, watch this video https://youtu.be/XEmwS2xB74A. 

Coinbase and Laying off of 1100 Employees

Earlier, Coinbase set a target of increasing the Indian employees by three times. However, in the recent two months, instead of increasing they have reduced approximately 8% of its Indian employees. Coinbase launched its exchange services in April. However, the CEO and founder of the company, Brian Armstrong had said that they will remove at least 18% of their total employees i.e. 1100 employees. The continuous worsening of the microeconomic conditions has led them to make this decision. Later, the Indian Vice President of the Coinbase company tweeted to confirm this news. He confirms in the tweet that coinbase lays off 8% of the Indian employees due to the current macroeconomic conditions. Moreover, he also confirms that the company reduced 18% of their total employees i.e. all over the world. This has made a huge impact on the 8% Indian team of the company. Instead of such circumstances, the Indian market is still one of the top priorities. Moreover, the company further claims it will invest in the Indian engineering and product team in the future. They said that they would add 2000 employees in the engineering, design and product field in 2022. They plan to hire approximately 1000 Indian employees for the same.

Conclusion

To conclude, we can say that there has been a huge downfall in the crypto market. This downfall has even affected the oldest and one of the most popular cryptocurrencies i.e. Bitcoin. There has been a great cryptocurrency fall in recent times. Due to the continuous worsening of macroeconomic conditions, Coinbase lays off 18% of its total employees i.e. 1100 employees. There has been an 8% reduction in the Indian employees for the same reason by Coinbase as the continuous worsening of the market has harmed the business. However, the company claims to add 2000 employees in 2022. They also confirm the hiring of 1000 Indian employees across engineering and products.