Home Fintech Breaking News: Coinbase Layoffs & Possible Remapping

Breaking News: Coinbase Layoffs & Possible Remapping

by Matthew Harris

In a statement released this morning, Coinbase announced that it’s shutting down their Chicago office, laying off 30 employees effective immediately, and scaling back plans for building a new “matching engine” product.

The statement read in part, “We have made the difficult decision to consolidate the matching engine efforts and thus wind down the matching engine team in Chicago. We will look to relocate a small number of Chicago-based matching engine employees to San Francisco,”

The Chicago office, known as Coinbase Markets, was only opened in May of last year, the same year that the company tripled its staff to around 800 people even as others scaled back as altcoin prices and trading volumes were seeing dramatic declines. The executives at Coinbase Markets, product lead Paul Bauerschmidt and engineering head Derek Groothius, are also reported to be parting ways with the company.

According to Coinbase, they will bellowing at relocating a small number of affected employees to the San Francisco office and that some of the staff that weren’t associated with the matching engine project will remain with Coinbase as well as they plan to maintain a remote sales force. Additionally, the company said that it would continue to expand its offices in New York, Portland, and London.

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