Coinbase lays off 8% of its India workforce
By Team Newsable | First Published Jun 16, 2022, 2:02 PM ISTCoinbase will give 14 weeks of severance pay plus an extra two weeks' income for each year of work beyond one year, four months of worldwide mental health support, and assistance in connecting with vacant roles at other businesses for laid-off employees.
Coinbase Global Inc, a cryptocurrency exchange, said it will lay off 18 percent of its global personnel due to a drop in digital assets and equities that has resulted in hundreds of billions of dollars in market value. The decision would affect 8% of the company's employees in India.
Coinbase CEO Brian Armstrong indicated in April 2022, during the commencement of operations with UPI in India, that the business was hoping to add 1000+ people by the end of 2022. Only two months later, the US-based business has laid off workers globally, including a tiny fraction of the Indian staff.
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Armstrong revealed in a letter to employees that the business had to lay off 1100 people worldwide. Pankaj Gupta, Coinbase's VP of engineering, noted in a subsequent thread that the change affected Indian staff as well. In India, a total of 8% of the country's workforce were laid off. Gupta said in a tweet that, despite the hurdles, India remains one of Coinbase's top market goals, where the business would continue to invest in product and technical teams.
According to Coinbase, it employs 300-400 people in India, thus the figure is about 25-30. A short check on social media sites indicates that the laid-off personnel in India include those in product, engineering, and design, as well as marketing and human resources.
The layoffs at Coinbase have brought the overall number of layoffs in the country to about 10,000. Coinbase will give 14 weeks of severance pay plus an extra two weeks' income for each year of work beyond one year, four months of worldwide mental health support, and assistance in connecting with vacant roles at other businesses for laid-off employees.
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