Coinbase’s India branch, which employs more than 400 people, will be cut by 8% as part of the crypto exchange’s total employment cuts as a result of the cryptocurrency meltdown.
“The India number does not appear to be as severe,” a source close to the situation told CoinDesk. Coinbase (COIN) has already placed a hiring block in place in India, where the majority of the employees works in engineering and isn’t as exposed to the more cyclical aspects of the business.
Coinbase has hired two prominent Indian executives: former Snap India CEO Durgesh Kaushik to oversee broader Asian expansion, and Arnab Kumar, an influential member of India’s leading public policy think tank (NITI AAYOG) to oversee Indian growth.
Coinbase’s trading business in India had experienced its own set of problems, some of which were self-inflicted, and was shut down just three days after its inception.