Crypto exchange Coinbase has announced it will revoke employment offers for employees it had recently hired but had not started working as it extends its ongoing hiring freeze.
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Coinbase Slows Hiring in Response to Market Conditions
Market conditions and business prioritization efforts are behind this Coinbase hiring freeze. The third-largest trading platform, Coinbase exchange, posted a $430 million loss in the first quarter of 2022, making cutting costs a sine qua non to continue operations. Bitcoin also foundered by over 55% from its all-time high in November, leading cryptocurrency by market cap.
Coinbase’s hiring freeze started two weeks ago. From the looks of things, the exchange will drastically extend the measure. An internal memo written by Chief People Officer L.J Brock alluded the company will have to turn itself into a pretzel to conform to the bad economic times. LJ Brock said that swift action will guide the exchange as it navigates the macro environment and eventually emerges even stronger enabling further healthy growth and innovation.
After an introspection into its business priorities, existing employee count, and open positions, crypto exchange Coinbase saw it fit to pause hiring for as long as the macro environment requires.
The freeze cuts across both new and existing positions in the foreseeable future. However, LJ Brock confirmed the exchange remains committed to the value given to the roles that contribute to Coinbase’s conformity to high standards set for security and compliance. Together with those in support of other mission-critical work, the positions will not be affected by the freeze.
The Crypto Industry Has Taken a Hit
The third-largest crypto trading platform Coinbase has taken a major hit with the ongoing crypto downtime. Its stock plummeted by more than 40% over the last month, with the current price under $74 per share.
Coinbase is not the only victim of the crypto market downtime. Its rival crypto exchange Gemini Trust also announced it was laying off 10% of its staff in anticipation of the crypto winter. Robinhood also laid off 9% of its staff.
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