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.
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“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.
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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.
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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.
Read more: Coinbase Lays Off Around 1,100 Employees
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