Coinbase had its biggest quarter of hiring since 2022
Crypto hiring will likely never be as prolific as it was in 2020/21, but if industry giant Coinbase is any indication, it's at least getting better. The firm's Q3 results released this week saw an increase in the fintech's headcount that, while modest, was still the biggest Coinbase has seen in years.
Click here to follow our new WhatsApp channel, and get instant news updates straight to your phone 📱
At the end of Q2, Coinbase had 3,486 full-time employees. It's since hired 186 people and sits at a headcount of 3,672. The exchange's headcount has been rooted in the 3,400s since Q2 2023, making this quarter's hiring its first meaningful shift in some time.
Q3 was therefore Coinbase's biggest quarter for hiring since Q1 2022 when it added 1,218 employees. Between then and now, of course, it's had two separate layoff rounds of 18% and 20% respectively. It seems Coinbase is taking a more measured approach to hiring nowadays, but over 300 open job listings on its site suggest next quarter's headcount growth could be larger still.
Coinbase staff remain well-compensated. 'Personnel related expenses' per head at Coinbase year-to-date were $357k, up a marginal 3.2% year-on-year. Stock based compensation expense per head was $67.5k
Robinhood, another publicly traded fintech giant, released its own Q3 results yesterday too. There, headcount rose only ~1%. Robinhood frequently touts its revenue-per-head, however, which was $1.1m last quarter. Coinbase, which underperformed analyst estimates, had a revenue-per-employee of $307.5k.
Have a confidential story, tip, or comment you’d like to share? Contact: Telegram: @AlexMcMurray, WhatsApp: (+1 269 237 3950). Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
