Under fire cryptocurrency exchange Coinbase is understood to have hired Ant Group executive John O’Loghlen to run its Australia and New Zealand business.It is understood O’Loghlen resigned from Ant Group at the end of last week to take up the Coinbase posting. He’s expected to start in coming months.The US-listed company is cutting 1100 jobs globally, or nearly one-fifth of its workforce, in anthat has hit cryptocurrency asset prices and trading volumes.
Coinbase CEO and co-founder Brian Armstrong announced the job cuts on Tuesday, saying the group needed to manage expenses and increase efficiency. Coinbase, a platform that lets retail traders bet on a range of digital assets, derived about four-fifths of its revenue from retail trading in the first quarter of this year. But volumes have cooled sharply as crypto prices have fallen. Coinbase’s shares have dropped nearly 80 per cent this year.