US crypto exchange Coinbase Global Inc. will extend its hiring freeze for the foreseeable future and cancel several approved proposals to deal with the current macroeconomic conditions, the company said in a blog post on Thursday.
coinbase Earlier, hiring was put on hold for two weeks as fears of rising interest rates rocked the cryptocurrency market. Now, the crypto exchange says it will halt hiring “as long as this macro environment requires.” The company will also cancel several outstanding offers for those who have not started yet.
“We always knew cryptocurrencies would fluctuate, but volatility along with larger economic factors could test the company and us personally in new ways,” Coinbase Chief Public Officer LJ Brock said in a blog post.
The company said earlier this month that it would slow down hiring following the current market downturn, its president and chief operating officer (COO) Emily Choi said in a blog post sharing an update on the firm’s hiring plans. .
Choi said, “To ensure that we are in the best position to succeed during and after the current market downturn, we are announcing that we are slowing down recruitment so that we can continue to make our top priority.” Re-prioritize your recruitment needs against business goals.”
Earlier this year, Coinbase planned to triple the size of the company. Given current market conditions, the firm said it feels it prudent to slow down hiring and re-evaluate its headcount needs against its highest-priority business goals.
Chao said, “Headcount growth is an important input to our financial model, and an important action to ensure that we manage our business for the scenarios we had planned for, particularly the potential adjusted EBITDA that we are targeting to manage.”
Established in 2012, the crypto exchange provides a platform for users to buy and sell multiple cryptocurrencies including Bitcoin, Ethereum, XRP, Litecoin, etc. It has become the first crypto firm to enter the prestigious Fortune 500 list. It has secured the 437th position in the recently released list after posting revenue of over $7.8 billion in FY21.