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Coinbase engineers were reportedly laid off after the company’s office in Chicago closed despite the market going green. As the coming altcoin news inform, the crypto bear market is still hardly influencing the crypto businesses even after it passed.

According to the reports, the shutting down of the office is a signal that the major financial players on the market are not ready to get deep into crypto. About the Coinbase engineers layoffs, an executive from the company stated:

“Coinbase has consolidated our matching engine efforts into our San Francisco office. This means we are shutting down the matching engine efforts in the Chicago office. We assembled a talented team there and look to relocate a number of them to San Francisco. We’re incredibly grateful to the Chicago matching engine team for their contributions to Coinbase and have benefited from their unique perspectives and skill sets.”

The Chicago office was initially opened in May 2018 but just under a year now, the office is closed. The best cryptocurrency news sites headlines all write the same thing: What went wrong and why are the Coinbase engineers getting fired?

The major trading platform makes its money from trading fees. This means that when the volume is higher, the more money the exchanges make. However, something didn’t go as planned and the company announced that high-frequency trading is not a priority anymore. This is one of the reasons why about 30 coinbase engineers are now getting fired, most of whom upgraded the back-end systems of the platform.

The company also announced its regret for having to fire the coinbase engineers. The question still remains why the company decided to open the Chicago office in the first place. The president of the San Francisco-based company said that the team had managed to boost the trading platform. However, many in the community believe that the company got greedy. High-frequency trading companies make up to half of the daily volume traded on the US market.

The trading company struggled to live up to its name especially since Binance has taken huge steps ahead. The Company was condemned by the crypto community after the Neutrino scandal where they hired an ex-hacking expert who sold technology to repressive regime governments. Despite the expansion to 11 countries in Asia and Latin America, the company still had to lay off the hardworking Coinbase engineers.