The Coinbase cryptocurrency exchange has decided to conquer more markets on the European continent, notwithstanding the collapse of cryptocurrency prices. Indeed, last Friday, he said he was conducting “a concerted effort” to expand its presence in Europe. However, during the month of June, the exchange had frozen hiring and laid off several employees in order to cope with the slowdown in the cryptocurrency market.
Coinbase unveils another part of its growth strategy
Brian Armstrong’s company tells us, through a blog post published on Friday, that it intends to expand its activities in Europe to strengthen its presence there. She specifically stated:As part of our recently announced two-pronged growth strategy, we are making a concerted effort to strengthen our presence in Europe.“.
Amazingly, Coinbase Global Inc. announces its expansion target amid slowing digital asset market. Remember that the exchange is currently present in 3 European countries, namely Germany, the United Kingdom and Ireland.
Coinbase intends to extend this list with 4 other countries that are France, the Netherlands, Italy and Spain. It will offer different products for developers, institutions and individuals in these countries.
The exchange had however reduced its workforce last month
On April 13, 2022, Coinbase reported that it plans to hire 6,000 people. But, two months later, on June 14, the exchange said that to deal with the downturn in the cryptocurrency market, it was considering reduce its workforce by approximately 18%, which amounts to laying off more than 1,000 employees. A few days later, we learned of a hiring freeze as well as a series of layoffs at Coinbase. The exchange started by canceling its hires, which created a wave of complaints from the many candidates who failed.
Some of these had quit or refused jobs because they were expected to work at Coinbase. Regarding layoffs, the exchange parted ways with many employees and executives without notice. The leaders had simply cut off access to the platform for the dismissed employees. Even Andrew Grass who had promoted the hiring of almost 200 people in the company was fired in this way.
And to catch up, Coinbase has offered those laid off and those who have been victims of the hiring freeze, to register on its Talent Hub to be recruited by another company. Additionally, he announced that terminated employees will receive a minimum of 14 weeks of severance pay, 4 months of health insurance and 4 months of mental support.
The Coinbase cryptocurrency exchange has revealed that it plans to expand into other European markets apart from Germany, the United Kingdom and Ireland where it already has a presence. It intends to set up in particular in France, the Netherlands, Italy and Spain, despite the drop in prices on the crypto market. This expansion plan is rather intriguing considering that over the past month, Coinbase has downsized a lot to deal with the downturn in the crypto market.
Source: The Block
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