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Benzinga
Benzinga
Business
Navdeep Yadav

Coinbase To Lay Off 8% Of India Team — But Makes This Key Top-Level Hire

Coinbase India Pankaj Gupta Coinbase Inc Nasdaq Brian Armstrong

Coinbase Inc (NASDAQ:COIN), which curtailed its Indian operations within three days of opening, has now laid off nearly 8% of its workforce in the country as part of its global cost-cutting strategy.

What Happened: Coinbase, when it forayed into Indian markets, came with an ambitious plan of more than tripling its workforce. However, the recent blood bath in the Cryptocurrency market and India's unsupportive environment for cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) has left the company in the doldrums.

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