Coinbase Global, the US crypto exchange, plans to extend the temporary hiring freeze that it had earlier imposed for only two weeks. Given the volatility of the times and the prevailing macroeconomic environment, it plans to pause hiring for as long as the current conditions require it to.
It will also withdraw some of the already-accepted job offers. In an official blog, LJ Brock, CPO, Coinbase indicates that the fact that the crypto space is volatile is not unknown but given the other “larger economic factors”, the Company will need to be cautious and avoid risks.
Earlier, the Company had revealed its plans to triple the team size in India, but later, in the second week of May 2022, it started talking of slowing down hiring in the country.
Last month, the total revenue of Coinbase witnessed a 35 per cent dip, reaching $1.17 billion for the quarter ending 31 March, contrary to what investors and analysts had expected or predicted.
To ensure success and to be able to deal with the “current market downturn”, Emilie Choi, president and chief operating officer (COO), revealed in a blog post that the Company has decided to slow down hiring. The objective is to “reprioritise our hiring needs against our highest-priority business goals,” said Choi.
The almost decade-old company is reportedly the first crypto firm to make it to the Fortune 500 list. It offers a platform for sale and purchase of Bitcoin, Ethereum, XRP, Litecoin and other cryptocurrencies.