Coinbase is launching an initiative to slash spending and grow revenue: The Information - Aliens: AI Crypto News & Markets Updates
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Coinbase is launching an initiative to slash spending and grow revenue: The Information

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The Block

Thu, May 19, 2022

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After publicly announcing plans to slow hiring, tough market conditions have pushed crypto exchange Coinbase to look for ways to slash spending, according to emails obtained by The Information.

The Information reported that the emails contain plans to freeze hiring for two weeks and cut spending on cloud services and gas fees among other cost-cutting measures.

The plan is code-named Plutus, according to The Information, and is detailed in an email from Coinbase Chief Product Officer Surojit Chatterjee.

The Information reported that the details of these plans were not detailed in the emails it obtained, but Engineering Vice Presidents Sumanth Sukumar and Will Robinson will lead the efforts on minimizing software costs and gas fees.

In the thread, Chatterjee wrote that "we will be doubling down on high impact products" including "our core retail and institutional trading products, as well as staking." "This does not mean we plan to stop investing in strategic and venture projects.

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