Coinbase ejects former senior bank engineers as professional service shuts down

The vision is no more, or at least is greatly reduced. After launching a professional trading platform, Coinbase Pro in 2018, Coinbase announced yesterday that it was merging pro into one “new unified Coinbase account‘ with the result that Pro will effectively cease to exist.

The move will apparently not impact Coinbase Exchange, but will simply mean that all users can access Coinbase services in one place. However, this likely contributed to the departure of many senior engineers who joined Coinbase from financial services companies.

The oldest of these is Jonathan Yam, who spent a year building the engineering team at Coinbase after joining IEX, the US exchange founded in New York in 2012, for strategic initiatives. He previously worked everywhere from Lehman to Barclays to RBC and Citi.

Two months ago, Yam was hiring remote engineers for exchange trading positions at Coinbase. However, last week he said he was among Coinbase’s 1,000 job cuts.

Engineers are among the employees most affected by layoffs. from Coinbasetalent pool‘, which lists all the dismissed employees, lists the names of 328 engineers looking for a new position. They include engineers who were in the membership process before having their offers canceled, including Yu Kuan Ma of Credit Suisse in New York, Somi Ogbozor of Goldman Sachs, Sanjay Paraboo of AQR and Michael Kazman of the Royal Bank of Canada.

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picture by Vladislav Byshkov on Unsplash

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