Coinbase, the leading U.S. cryptocurrency exchange is cutting back on hiring due to the market downturn. The company’s management believes the move will allow the trading platform to match its hiring needs with its business goals.
The Coinbase team will reassess headcount needs and focus on integrating recent hires
Coinbase, a cryptocurrency exchange has made a shift in its personnel plans. After previously aiming to triple its size heading into this year, the company now feels it’s prudent to slow hiring and reassess its personnel needs against its business goals, given the current market conditions. Emilie Choi, President of Coinbase and Chief Operating Officer was quoted in Tuesday’s press release.
To ensure we’re best positioned to succeed during and after the current market downturn, we’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals.
Choi explained that Coinbase made this decision to make it stronger after the downturn. This is part of managing the company to plan for different scenarios. Choi assured the company that changes won’t affect the expense outlook for 2022 and for the rest of the year.
Now, the digital asset exchange plans to concentrate on its recent hirings and being more strict in setting its priorities. “We know this is a confusing time and that market downturns can feel scary,” the top executive noted while pointing out that the company has been through other, similar challenges in the past.
Choi’s announcement comes after Coinbase revealed in its earnings report earlier in May that it holds $256 billion in fiat and crypto assets on behalf of its customers. The company also acknowledged that its customers could lose their crypto assets if it declared bankruptcy. These funds may be subject to bankruptcy proceedings.
What do you think of other crypto-majors changing their plans for hiring? Leave a comment below.
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