JUNE 15, 2022
Today's XUSDP price is $0.004514, which is down 52% over the last 24 hours. XUSDP's market cap is unknown. 24 hour XUSDP volume is $17.82. It has a market cap rank of 11751. XUSDP is traded on 1 exchange, with the top exchange being Uniswap V2 ($17.86). XUSDP had an all-time high of $153.05 about 1 year ago. Over the last day, XUSDP has had 100% transparent volume and has been trading on 2 active markets with its highest volume trading pair being ETH ($17.86).
The whole market is in the toilet. Given the fact well structured crypto companies are taking the beating of their lives, there's no way an unstructured (can't do the math) cryptocurrency can survive.
Thanks to the blithering idiot in the White House and Obama pulling his strings, every country is suffering but that doesn't end here. A message from Coinbase CEO and Cofounder, Brian Armstrong sends a broadcast to his entire team stating why he's cutting 18% of his workforce.
Here's his exact message to his employees
Today I am making the difficult decision to reduce the size of our team by about 18%, to ensure we stay healthy during this economic downturn. I want to walk you through why I am making this decision below, but first I want to start by taking accountability for how we got here. I am the CEO, and the buck stops with me.
What has changed?
Over the past month, I’ve had many conversations with our Exec team and our Board to discuss recent market events as well as the state of our business. Several realities have become clear to me in these discussions:
Economic conditions are changing rapidly: We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period. In past crypto winters, trading revenue (our largest revenue source) has declined significantly. While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.
Managing our costs is critical in down markets: Coinbase has survived through four major crypto winters, and we’ve created long term success by carefully managing our spending through every down period. Down markets are challenging to navigate and require a different mindset.
We grew too quickly: At the beginning of 2021, we had 1,250 employees. At the time, we were in the early innings of the bull run and adoption of crypto products was exploding. There were new use cases enabled by crypto getting traction practically every week. We saw the opportunities but we needed to massively scale our team to be positioned to compete in a broad array of bets. It’s challenging to grow at just the right pace given the scale of our growth (~200% y/y since the beginning of 2021). While we tried our best to get this just right, in this case it is now clear to me that we over-hired.
What decision was reached?
The need to manage expenses: As we operate in this highly uncertain period in the world, we want to ensure we can successfully navigate a prolonged downturn. Our team has grown very quickly (>4x in the past 18 months) and our employee costs are too high to effectively manage this uncertain market. The actions we are taking today will allow us to more confidently manage through this period even if it is severely prolonged.
The need to increase efficiency: We have now exceeded the limit of how many new employees we can integrate while growing our productivity. For the past few months, adding new employees has made us less efficient, not more. We have seen ourselves slow down considerably due to coordination headwinds, and difficulty fully integrating new team members. We believe the targeted resourcing changes we are making today will allow our organization to become more efficient.
Both of these come back to my decision to significantly scale our team over the past two years, so this accountability rests fully with me.