BlocksInform
Coinbase has announced their decision to cut down hiring after losing $420 million in the first quarter. That's according to information about a COINBASE blog post.
The start of a bad year for coins?
Coinbase is an American online business established by Brian Armstrong and Fred Erhsam in 2012. It has been established to serve as a trading platform for cryptocurrency and is currently the biggest trading platform in the we based on trading volume.
In a public address by the President and COO, Emilie Choi, the decision was made in line with resource prioritization and an even bigger comeback. The current situation contradicts the company's plan to go beyond its current size of three.
The slow hiring is an effect of the current recession in the crypto market, but it means an opportunity for full integration of recent hires. Emile has assured the public of a positive financial situation and expect the best even after a decade of operations. The loss of $420 million coinbase after just the first quarter means a 28% decline in expected value. However, the first quarter of 2021 generated net income of $771 million. The company's stocks also fell 71% YTD.
Got into a legal battle with the merchants.
At a time when coinbase are facing tough times after recording a $420 million loss in the first quarter of the year, things might become even worse for the cryptocurrency exchange platform on the possibility of a trial. According to the media, Bloomberg.
