The firm has just announced that it will be hiring massively this year.
“In 2022, we plan to add up to 2,000 employees across our Product, Engineering, and Design teams,” L.J. Brock, Chief People Officer, wrote in a blog post. “We see enormous product opportunities ahead for the future of Web3. We believe our industry is in its infancy and that building onramps for individuals to participate is critical to driving the next generation use case of crypto.”
Brock added that: “We are unwavering in our focus to build for the long-term, through every crypto cycle. It’s been one of the greatest drivers of our success to date. Through the highs, we get to focus on scaling and many new people get introduced to crypto. During the lows, we get to focus on product innovation. Whether the market is up or down, we see a clear opportunity, making Coinbase one of the most exciting places to work right now.”
This would amount to almost doubling the workforce. Coinbase claims to currently employ just over 2,700 people.
Coinbase does not see itself only as a platform where we buy and sell cryptocurrencies. the firm is in the process of diversifying and wants to become both an exchange (which it already is), an eBay by becoming a place where NFTs (non fungible-tokens) are exchanged, and a supplier of various financial services such as cross-border money transfers such as Western Union.
Coinbase’s Market Cap Shrunk by $38 Billion
On this last point, Coinbase has just launched a pilot experiment for Mexico. For the past few days, the firm has been offering immigrants and expats the chance to send money to their families and friends for free until March 31. But then Coinbase intends to charge transaction fees and hopes to deploy this service in other countries.
The financial markets share neither the optimism nor the desire to focus on the long term displayed by the firm. The stock has lost more than 41% of its value compared to its IPO price of $310 posted last April. It evolves at the time we wrote around $182. Market capitalization has fallen by nearly $38 billion in just ten months.
Coinbase does not budge: “Crypto is at a critical juncture — public adoption is at an all-time high, crypto companies are more visible than ever before, and the explosion of Web3 applications is uncovering new possibilities every day,” Brock said.
While the concept is still obscure, web3 is a decentralized internet built on the blockchain — unlike the current version (web2), it has the potential to have “shares” that are owned by users in the form of cryptocurrency tokens.
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