Coinbase announces that in 2022 there will be a one-week break every quarter. That’s exactly four separate weeks in the year when“almost the entire company will shut down”,a way to recharge workersoverwhelmed by the high intensity and volume of work.
Coinbase in 2022: a deliberate recharge time for workers
Coinbase, the US-based crypto exchange,said on Mondaythat it will give its employeesa one-week break every quarter 2022, a deliberation of recharge time for workers stressed by the hard and intense workload.
Coinbase chief people officerL.J. Brocksaid thus:
“This year, we’re experimenting with four recharge weeks (roughly one per quarter), when nearly the entire company will shut down so we can all enjoy downtime without work piling up.
We’re laser-focused on achieving our mission of increasing economic freedom in the world, and we encourage our teams to set “uncomfortably ambitious” goals. That’s the only way we can stay ahead. An ‘act like an owner’ mentality
One of our cultural tenets is “act like an owner.” We expect our employees to take 100% responsibility for achieving our mission, but we also empower them to work in the way that’s best for them, and to rest and recharge between their sprints.
We do this in part through our remote-first stance, which enables almost all employees to choose whether to work from an office, from home, or through a hybrid approach — whatever works best for them and their families.
Brock also said it has been adoptingthe FTO or flexible time off policy for years in the countries where it is eligible. This means that most employees do not have to accumulate time off before using it or worry about reaching an annual limit.
In spite of the FTO, in 2020 the company itself noticed that employees, due to the amount of work, never took enough free time.
So at the end of 2020, Coinbase would schedule a single week’s recharge for all workers, and two weeks in 2021.
Coinbase will down for four breakstone
Reports that have come out recently are rather troubling. An indication that the US crypto exchange and users are in for quite a ride.
Certain emails leaked to Business Insider state that Coinbase is contemplating shutting down its affiliate program in the US for a temporary period of time.
The decision might be in effect from the 19th of July. Claims from the promoters about the company slashing the commission bonus by a margin of 90 percent further add to the veracity of the rumors.
According to Coinbase, ” This has not been an easy decision, nor was it made lightly, but, due to crypto market conditions and the outlook for the remainder of 2022, Coinbase is unable to continue supporting incentivized traffic to its platform.”The program will apparently resume in 2023 according to the reports from the company.
Recent history would suggest there could be trouble ahead for CB so tread lightly.
If Coinbase were to go insolvent, this would break crypto the crypto space like we have never seen before.
— Ben Armstrong (@Bitboy_Crypto) July 16, 2022
Dark times are ahead.
Coinbase just shut down their entire affiliate program. This is a MAJOR red flag. I fear that a liquidity crisis is on the horizon.
— Nate O’Brien (@nateobrienn) July 15, 2022
Such a brilliant analogy!
Storing your bitcoin on coinbase is like letting your girl sleepover at a frat house indefinitely.
— Jon (@amicoolyet88) July 16, 2022
Get your coins off of Coinbase.
Coinbase, the leading US cryptocurrency exchange is going through a rather tough time. This further highlights the overall troubled situation of the crypto market to the dismay of users and investors.
Rumors are in the air about the exchange’s plans to shut down the affiliate program in the US temporarily. Although times haven’t been rather favorable for crypto recently, this might be an indication that the trouble runs rather deep.
In fact, Coinbase has been passing through a rather hard phase in its global operations, and it seems like the bear market has hit it hard. Read along to know more.
The What And Why
Volatility and uncertainty are imperative when it comes to crypto.
You never know when the winds will change direction for the better or for the worse. In the case of Coinbase, the winds haven’t been very favorable.
The platform’s 2022 crypto market forecasts
Recently,Surojit Chatterjee, CPO of Coinbase,provided10 crypto market predictions for 2022.
Among several points,optimism emerges about Ethereum and its promise of greater scalabilitythanks to upgrades that are expected to be active from June. Chatterjee argues that the second-largest crypto by market capitalization will continue to be considered thebasis of the web3 revolution.
At the same time, the manager says that there will also beimprovementson competing blockchains such asCardano, Solana and Avalanche.
Not only that,DeFi, NFTs and the Metaverse will also take centre stage 2022.
With exponential growth, it could happen thatnew insurance protocolswill emerge to secure users’ funds.
In fact, 52% of employees said recharge days and weeks were the primary tool that helped them rest and recover in 2021.
That feedback — and our expectation that this year will be just as intense as last year — prompted us to schedule four recharge weeks for 2022, roughly one per quarter. We have no expectation we’ll continue with four recharge weeks beyond 2022 — we’ll evaluate as we go — but we’re confident this is the right approach for us this year.
Even though we’ve scheduled four recharge weeks for 2022, we didn’t make any changes to our FTO policy — we’ve encouraged employees to schedule vacations during our recharge weeks when they can, but we know that’s not always possible, and that’s OK.
We also know that, despite our best intentions, there are times when some employees need to work through a recharge week.
But if you want to work at the cutting edge of crypto and tech — and if you’re excited about pushing your skills to the limit while knowing you’ll have regular opportunities to recharge — there’s no better place to be. An all-in environment
Why is Coinbase so intense? Because the massive opportunity in front of us demands the best from each of us, every day.
We’re upfront about this in our culture doc, but it’s worth emphasizing: “We are a winning team, not a family, and have high expectations for performance and delivering results….
We have an intense work culture, and are regularly pushed out of our comfort zones.”
What’s this mean in practice?
It means we don’t promise 9 a.m. — 5 p.m.
However, an exact date is yet to be given.
The report is regarded as a rather dreary red flag by the experts and it would be wise to be on guard. Because as the saying goes, “it is better to be safe than sorry.” Let us flip through a couple of tweets about the reports.
Coinbase grew a ton in 2021 and we’re still adjusting to that growth. One of the crazy parts about our industry is that in any given year we might be growing 300-500% or -50%. It makes it incredibly challenging to plan and culturally to absorb so many people during up periods.
— Brian Armstrong – barmstrong.eth (@brian_armstrong) July 12, 2022
Coinbase shut down their affiliate program and are getting rid of CoinBase pro.
We work incredibly hard at Coinbase — for most of us, Coinbase is the most intense place we’ve ever worked. That intensity is only magnified by the current moment in crypto, and it often results in long days and long weeks.
However, because of that intensity, we’re also deliberate about finding time to recover between sprints. How deliberate? This year, we’re experimenting with four recharge weeks (roughly one per quarter), when nearly the entire company will shut down so we can all enjoy downtime without work piling up.
Four weeks of coordinated recharge time might sound like a lot of time off for a company in hypergrowth, but given the intensity of our work throughout the year, we think this is the best way to ensure our pace is sustainable for the long term.
We know this approach wouldn’t work for every company, and we also know Coinbase isn’t for everyone.