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Friday, December 2, 2022
Alternative Investments

Crypto exchange Coinbase to extend hiring freeze

Coinbase

The company will also rescind a number of outstanding offers for people who have not started yet

Leading crypto exchange Coinbase on Friday announced to pause hiring for as long as the global macro-economic factors remain in place.

The company also revoked accepted offers from some candidates who haven’t joined it yet.

After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires, LJ Brock, Chief People Officer at Coinbase, said in a statement.

The extended hiring pause will include backfills, ‘except for roles that are necessary to meet the high standards we set for security and compliance, or to support other mission-critical work’, he added.

The crypto exchange paused hiring two weeks back and now, it has become evident that ‘we need to take more stringent measures to slow our headcount growth’, he said.

The company will also rescind a number of outstanding offers for people who have not started yet.

This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas. Limited exceptions apply and will be managed by the same criteria as backfills. All incoming hires will be advised of their updated offer status by email, Brock informed.

Admitting that crypto would be volatile, but that ‘volatility alongside larger economic factors may test the company, and us personally, in new ways’, he said.

Shares of Coinbase were flat following the news in after-hours trading. The company’s stock is down more than 75% since its market debut last year through a direct listing.

Coinbase last month reported a 35% slump in total revenue to $1.17 billion for the three months ended March 31, missing analyst expectations and weighing on investor sentiment.

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