After a year of pledges to support the number of workers struggling with exploding customer demand, the company issued a statement confirming the redundancies in a statement about its future hiring practices.
Yahoo states “We’ve learned that certain teams who are co-located are more efficient, effective, and happier in their roles. So moving forward, some teams – including Support, Fraud, and Compliance – will only hire employees into Coinbase offices.”
While Coinbase has restrained from providing information related to the number of employees who have lost their jobs, “insider” sources at the firm revealed the number was not lower than fifteen.
One of Yahoo’s sources said “People here are pretty upset about it, and so far senior leadership is handling communications poorly.”
Coinbase suffered a significant setback in 2017 after an influx of users onto its platform caused a lot of technical and customer support issues. As a result, managers undertook to significantly increase the number of employees available to handle customer complaints. Before the redundancies, Coinbase had 500 employees in September, half of whom had started work this year. In October, the company recorded a valuation of $ 8 billion prior to the alleged plans for an IPO.