Cryptocurrency exchange Coinbase has reportedly laid off some employees this week. The cuts have affected its customer support, compliance, and fraud departments. According to sources quoted by Yahoo Finance, more than 15 people have been released from duties, mostly remote staffers. Coinbase has confirmed the layoffs but declined to specify the number.
The personnel cuts in the U.S. crypto company, which is thought to be preparing to go public, come after a major funding round this month that raised its valuation to $8 billion. The cryptocurrency trading platform employs around 550 people. Coinbase’s remote customer support team was built in the past few years to accommodate its growing user base. The exchange claims to have 25 million customers worldwide. The San-Francisco-headquartered business has offices in New York, Chicago, Portland, London, Dublin, and Tokyo.
According to the report, Coinbase’s new customer service executive, Tina Bhatnagar, wants to centralize the operations of the department. As a result, some members of the remote support team have been laid off, while others have been offered to relocate to one of the company’s offices. In a written statement, Coinbase commented: “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.”