Coinbase Outlines Cost-Cutting Measures, Employee Grants Amid Weak Results and Crypto Rout
U.S. cryptocurrency exchange Coinbase Global (COIN) is pausing new hiring for two weeks and slashing cloud spending on Amazon Web Services, along with other cost-cutting measures following its recent weaker-than-expected earnings report and the overall crypto market rout.
Coinbase also told employees it will give them more stock grants to offset half the difference between ones made earlier this year and Coinbase’s closing share price last Friday, according to The Information’s report.One of the emails discussed plans to reduce spending on cloud services such as Amazon Web Services and Datadog, and also cutting gas fees on internal wallet transfers, according to the Information.
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