The Success Story of CB Payments Ltd
CB Payments Ltd, the UK arm of crypto giant Coinbase, had a successful year in 2024, as reported by Companies House. Despite facing a €4.1m fine from the Financial Conduct Authority for onboarding ‘high-risk’ customers, the company saw its profits triple to €7.8m ($9.1m).
Interestingly, while Coinbase experienced significant growth in size, CB Payments saw a slight decrease in its workforce. The company had an average of 141 employees in 2024, down from 144 employees in the previous year. This trend is in contrast to Coinbase’s global expansion, which saw its headcount average at 3,772 in 2024, with over 4,200 employees today.
The Impact on Employee Headcount
The reasons behind the decrease in CB Payments’ headcount are not entirely clear. However, it is worth noting that Coinbase’s intense work environment, with long hours being a common complaint among employees, may have contributed to attrition.
Despite the decrease in staff numbers, CB Payments offered its UK employees a significant increase in pay. In 2024, the average employee at CB Payments earned €474.2k ($553.2k) in total compensation, making it a more lucrative place to work compared to Coinbase’s average employee earning $476.7k in the same year.
The Talent Competition in the Cryptocurrency Industry
Coinbase acknowledged the challenges of finding qualified talent in the nascent cryptoeconomy, citing intense competition for skilled individuals. With a reported 500,000 global applications for its job openings in the first half of 2024, Coinbase highlighted the scarcity of qualified professionals in the field.
It remains unclear where CB Payments’ departing employees fit into this competitive landscape. The company’s strategic report emphasized the importance of talent acquisition in a rapidly evolving industry.
Conclusion
CB Payments Ltd’s performance in 2024 reflects the dynamic nature of the cryptocurrency industry, with challenges and opportunities shaping the landscape for companies like Coinbase. As the industry continues to evolve, the competition for talent and the demands of the workforce will play a crucial role in shaping the future of these organizations.
