The year 2022 saw a significant reduction in the value of the cryptocurrency market, causing an estimated $1.6 trillion to be lost as compared to 2021. Despite these market events, Coinbase's executives financially benefited in the year 2022, with CEO Brian Armstrong making a total of $7.4 million, COO and president Emilie Choi making $23.4 million, former CPO Surojit Chatterjee walking away with $20.7 million and Chief Legal Officer Paul Grewal making $7.4 million in total compensation.

While Coinbase's fourth-quarter 2022 report claimed to have lost a significant amount of $2.6 billion, the crypto firm believed that the quarter had acted as a "turning point" and the company was striving to become more efficient and financially disciplined leading into 2022 after reporting its first-quarter earnings in 2021. In order to offset the losses and make the company more productive, Coinbase had to lay off 950 people and therein reduce its current worker capacity by 20%.

It was not just Coinbase who faced the consequences of the crypto winter though, as many other companies in the crypto space faced similar pain due to thawing markets and other related events. Despite this, according to a report, a total of 20% of the 160 analyzed cryptocurrencies have seen growth in their respective market values.

The effects of the crypto winter process do not appear to be slowing down, however the main priority for companies in the sector appears to be financial discipline and efficiency. In that regard, despite the freezing market conditions, Coinbase's executives made themselves better off financially in 2021 as compared to the year prior.



Other News from Today