Last night, coinbase ran a $750,000 ad during the NBAFinals, mocking crypto cynics who've proclaimed 'Crypto is dead.' This morning, the company laid off over 1,000 employees. “We grew too quickly,' the CEO said in a blog post.
How fast is the cryptocurrency industry reversing its recent growth? On Monday night the company Coinbase mocked crypto cynics in an ad during the highly watched NBA Finals. The next morning, the company laid off 1,100 people.
The layoffs were announced on the company blog, where CEO Brian Armstrong admitted what has become obvious about his and some other crypto companies: “We grew too quickly.” Bersin says investors and stockholders pushed hard for hiring and company growth, then were spooked by inflation and the crypto crash and suddenly called for job cuts. “Within weeks or days, these people were calling for a reverse. You can’t reverse that fast.”
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