Coinbase Global Inc’s decision to cut its global workforce has seen the company’s staff in India also being affected. Although this did impact its India hub, the cuts were much lower than the global average. Approximately ~ 8% of its India team was affected, according to Coinbase’s Senior Director Durgesh Kaushik in a tweet. To put in perspective, one in twelve of the crypto exchange’s employees in India have been laid off.
“Despite these challenges, India remains a priority market for Coinbase & a strategic long-term growth bet. We are excited to announce that Arnab Kumar just joined us as Director of India Market Expansion to start building foundational partnerships and operations in the country,” Kaushik added.
The company had announced that India will be the firm’s technology hub to develop global products and half of the new hires will be engineers and said that the nation will account for a quarter of the total 2,000 people that Coinbase plans to hire across product, engineering, and design in 2022.