Coinbase's $300k software engineers aren't happy with the fintech's "new norm"
Coinbase is one of the top paying firms in the fintech space right now, with an average pay of over $400k. As the crypto firm looks to grow, it's also making changes to its culture, that haven't been well received.
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According to posts within Coinbase's internal Blind forum seen by eFinancialCareers, the firm has changed its guidelines for engineers in a "new norm" announcement. It says that a project should have no more than one bug for every one developer working on it, the implication being that an engineer can have a maximum of one bug within their code.
The announcement has not gone down well. One person commenting on the forum said they "couldn't stop laughing at this presentation," while another said this seemingly unrealistic expectation would give the company an excuse to "fire and replace" its technologists. Users also suggested that this would lead to extreme manipulation of JIRA, a bug tracking software application, without "actually reducing bugs in the app."
Some Coinbase staff are looking to leave. One said, "I pray for the day I get fired because I hate it here," but is unable to find better compensation elsewhere. He said "it's just too toxic, and there's too much bus throwing going on." Another said they're just "planning to keep my gig here until I feel like I can retire," aiming to do so at the end of this crypto cycle.
One ex-Coinbase employee told us that the company "is not a meritocracy at all," despite the company's assertion that every new hire has to be a bar raiser. "They mostly focus on whether you worked in FAANG. It's like crypto purity testing meets Silicon Valley's worst impulses."
This view isn't unanimous. A review for Coinbase on Blind last month said it's home to "some of the most talented developers out there," while another said "there are many talented and competent individual contributors to learn from."
For now, Coinbase is growing. After a stagnant period following its 2022 layoffs, the firm hired 256 engineers in the first three quarters of 2024. It also has 299 open job listings.
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