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The Humbling of Coinbase


The bloat was especially severe on Coinbase’s customer-service team. New staff members often felt as if they didn’t have enough to do. “I got maybe four phone calls a day for a while,” said David Visini, a customer-service employee who was laid off. “It was dead, dead, dead.”Ms. Choi, the chief operating officer, acknowledged that Coinbase “overhired” during the pandemic and said it was difficult to integrate new recruits in a remote environment.“I don’t know that we had exactly the right set of tools to set them up for success,” she said.The crypto market crashed in May, causing Coinbase’s stock price to fall about 60 percent. In the first quarter, Coinbase’s revenue dropped …

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