The company said Tuesday it is shedding 1,100 employees, or 18% of its global workforce.
Coinbase’s India operation of 400-plus will drop by 8% as part of the crypto exchange’s overall job slashing because of the crash in cryptocurrencies.
“The India number is not looking as bad,” a person familiar with the matter told CoinDesk. Coinbase (COIN) had earlier put a freeze on hiring in India, and most of that country’s staff works in engineering and are not as tied into the more cyclical parts of the business.
Recently, Coinbase made two major hires in India, bringing on former Snap India head Durgesh Kaushik to handle broader Asian expansion, and Arnab Kumar – an influential member of India’s apex public policy think tank (NITI AAYOG) – to lead Indian growth.
Coinbase’s trading operation in India has previously had its own issues – some self-inflicted – and was suspended within three days of its launch event.