Major U.S. cryptocurrency exchange Coinbase Global Inc COIN is doing away with slide decks in product and engineering reviews.
What Happened: Coinbase CEO Brian Armstrong explained that the exchange would be incorporating a number of measures to operate efficiently at scale, in a blog post on Thursday.
These measures include banning slide decks in product reviews, replacing them with a dashboard of metrics, figma products and “most importantly” the product itself.
“Inside growing companies, there’s a danger that product and engineering teams start shipping great slides decks instead of great products,” said Armstrong.
“But our customers never see the slide decks we create. They only see the product.”
The Coinbase CEO highlighted the growth trajectory of companies like Amazon.com, Inc. AMZN, Meta Platforms Inc META, and Tesla Inc TSLA as examples of companies that “found ways to retain their founding energy in conjunction with appropriate controls” as they scaled to be much bigger.
As part of its efforts to drive efficiency, the crypto exchange also plans to organize teams into smaller “pods” of under 10 people, get rid of endless meetings and put decision-making in the hands of single individuals.
In November, Armstrong said he believed the exchange’s upcoming NFT business could be bigger than its existing crypto trading offering that lets users buy and sell Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD. However, the NFT platform failed to generate a significant amount of user interest at launch, with under 150 users engaging with it on the day it went live.
Price Action: According to data from Benzinga Pro, Coinbase shares traded 0.66% lower during the after-market session.