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2022-06-30

Coinbase Renews Overseas Expansion Plan After Cutting US Staff

Crypto exchange hunts for new users and sales amid downturnBusiness recently cut more than 1,000 sta

Coinbase Renews Overseas Expansion Plan After Cutting US Staff

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The current crisis has wiped about $2 trillion from the total crypto market, pushing several companies toward insolvency.</p><p>While Coinbase cut 18% of its global staff in June, those cuts were focused on the US and amounted to just 7% in the company’s primary European offices of London and Dublin. Rivals including Gemini Trust, BlockFi Inc. and Crypto.com also announced cuts this month.</p><p>Shares in Coinbase have slumped almost 20% this week after Goldman Sachs Group Inc. downgraded the firm’s stock to a sell rating, predicting that Coinbase’s revenue could drop dramatically in the second half of this year.</p><p>Coinbase previously made a concerted push overseas in 2015, also a difficult time for crypto markets. Murugesan said the goal is eventually for the company’s international segment to dominate its business.</p><p>“It should be significant -- majority probably -- of our business,” he said. “This is what our goal would be, but exactly when do we get there, all of that, there’s a lot of dependencies.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase Renews Overseas Expansion Plan After Cutting US Staff</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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The current crisis has wiped about $2 trillion from the total crypto market, pushing several companies toward insolvency.While Coinbase cut 18% of its global staff in June, those cuts were focused on the US and amounted to just 7% in the company’s primary European offices of London and Dublin. Rivals including Gemini Trust, BlockFi Inc. and Crypto.com also announced cuts this month.Shares in Coinbase have slumped almost 20% this week after Goldman Sachs Group Inc. downgraded the firm’s stock to a sell rating, predicting that Coinbase’s revenue could drop dramatically in the second half of this year.Coinbase previously made a concerted push overseas in 2015, also a difficult time for crypto markets. Murugesan said the goal is eventually for the company’s international segment to dominate its business.“It should be significant -- majority probably -- of our business,” he said. “This is what our goal would be, but exactly when do we get there, all of that, there’s a lot of dependencies.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":128,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}