Re:Coinbase Announces 18% Layoffs
by bko on Tuesday June 14, 2022 @08:55AM
(#31738663)
What FTX does is introduce financial products that could potentially put downward pressure on a lot of these scam coins. To be fair, he also introduces products that allow people to play around w/ crazy amount of leverage, but it could theoretically be done without as much counterparty risk and interconnections that caused the 2008 financial crisis.
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lots of exchanges provide crazy amounts of leverage. Kucoin lets you have a margin loan that's 10x your capital. I'm not sure this is unique to FTX.
The exchange itself doesn't need 1000s of people. Coinbase went on a hiring spree in 2021, but it didn't seem to have a clear strategy for all that headcount.