Coinbase CEO Brian Armstrong stated in April 2022, during the launch of operations with UPI in India, that the company was looking to hire 1K+ employees by the end of 2022. Only two months later, the US-based startup has laid off employees worldwide, including a small percentage of the Indian workforce.
Armstrong stated in a letter to employees that the company had to lay off 1100 people worldwide. Pankaj Gupta, Coinbase's VP of engineering, stated in a subsequent thread that the move affected Indian employees as well. In India, a total of 8% of the country's employees were laid off.