The Humbling of Coinbase

Shortly after the grand opening, Coinbase shut down most of its trading services in India.

But as it has grown from a daring start-up to a publicly traded company, its position as the market leader has been threatened over the past six months, and a sharp decline in the crypto market.

Coinbase's strange debut in India, a largely untapped market for crypto, has marked failures that upset employees and drove the company's share price up.

In June, Coinbase laid off 18 percent of its workforce. Some of the recruits came from Silicon Valley titans like Google and Meta, including top executives.

Now, employees say the company is unfamiliar with the company that dominated crypto's early years, with some leaders lacking in-depth industry experience.

Despite its early debut, Coinbase has never had a strong hold on the international market, which is dominated by Binance.

Not all of Coinbase's recent problems are proprietary. But five of its top executives defended the company's performance.

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