For employees and investors, the COO likened it to Amazon or Tesla: a long-term investment with volatility in the meantime. The company offers annual grants, partially so employees could "mitigate the swings" and volatility in crypto. "However, if it did, we're disappointed that those behind it felt the need to breach the trust of the company and their co-workers by sharing this information in a way clearly designed to drive controversy rather than a meaningful dialogue."Ĭoinbase has no plans to offer additional company equity grants, or cash compensation amid the price drop, Choi said. It's very much unclear if this document came from within the company," Choi said. "We will always encourage our employees to share feedback internally on how we operate as a company - and we have a number of mechanisms in place for them to do so. Last week, a petition posted to a decentralized publishing platform called for the removal and a "vote of no confidence" regarding several Coinbase executives, including Choi.Īrmstrong called attention to the since-deleted petition, and in a Tweet urged employees to quit if they don't believe in the company. Tech companies have been fighting low morale and attrition as their stocks get slammed. "The reality though, is that we have to adjust when we feel that there's a very dynamic economic environment in play." "We will power through any macro environment, any crypto winter, or anything that's coming," she said. The company has lived through multiple bear markets in crypto before, also known as "crypto winters." Open-source tracker Layoffs.fyi estimates that more than 5,500 start-up and tech jobs have been cut in June alone.Ĭoinbase's intention is "that this is a one-time event," Choi said adding that the company has $6 billion of cash on the balance sheet.
Crypto lender BlockFi said Monday it was cutting 20% of its employees. Coinbase joins dozens of other tech and crypto companies slamming the brakes on hiring.
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