Coinbase Shellacking: Crypto Exchange Cuts Staff, Shutters Chicago Hub
By CCN: The markets may be moving into the green, but 30 Coinbase engineers will be seeing red tonight after they were reportedly laid off and the firm’s Chicago office closed.
It’s a sure sign that despite positive sentiment returning, the crypto bear market is still determined to shrink a few more businesses before it’s over. It’s also a signal that mainstream financial players haven’t been ready to take the plunge into crypto.
A Coinbase spokesperson told CCN:
“Coinbase has consolidated our matching engine efforts into our San Francisco office. This means we are shutting down the matching engine efforts in the Chicago office. We assembled a talented team there and look to relocate a number of them to San Francisco. We’re incredibly grateful to the Chicago matching engine team for their contributions to Coinbase and have benefited from their unique perspectives and skill sets.”
They added:
“We are a culture that is committed to repeatable innovation, knowing full well that not everything we attempt will succeed. We continue to grow our institutional team and build on our foundation of products such as Coinbase Pro, Coinbase Custody, and our recently launched OTC trading desk.”
High volume, high returns?
It also signals indecision by the San Francisco-based firm. The Chicago office was proudly announced in May 2018, but 11 months later it’s closed. What went wrong?
