Coinbase extends hiring freeze, revokes some accepted offers
Coinbase, the biggest cryptocurrency in the United States, has provided an update on its hiring process via a blog post. In the post, L.J Brock, the Chief People Officer of the exchange, confirmed that the firm "will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers."
Coinbase to pause hiring?
Coinbase had paused its hiring process two weeks ago and has now decided to adopt "more stringent measures" to slow its headcount growth to deal with current macroeconomic conditions and rising inflation levels. It is also important to note that the rising interest rates have rocked the cryptocurrency market, and Bitcoin (BTC), the world's biggest cryptocurrency, has dropped more than 50% low from its all-time high."Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation," said the Chief People Officer in the blog post.However, Coinbase is not the only exchange to pause hiring processes despite its plans to expand worldwide. Recently, Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, revealed plans to let go 10% of its staff due to the current market scenario.
Coinbase CEO Brian Armstrong was present at the earnings call of the firm, wherein he revealed that the exchange had suffered its first net loss as a public company of $430 million for the first quarter of 2022.
Crypto Winter
According to the Winklevoss brothers, the crypto winter has arrived, which has been a result of the current macroeconomic and geopolitical turmoil following the invasion of Ukraine by Russia. The brothers said:"This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as "crypto winter." This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone."
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