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- Posting a loss of $430M in Q1 2022, Coinbase will “take more stringent measures” in hiring.
Same Day Rival Crypto Exchanges Mithun confirms layoffcoinbase announced today It will continue its hiring freeze in the recent market for both cryptocurrency and tech stocks. In addition, the firm will turn down some job offers for employees who had accepted positions but had not yet started working.
coinbase first Plans announced in May Hiring to be slow, but today’s blog post from Coinbase Chief Public Officer LJ Brock confirms that the company will be taking a more serious turn.
“As these discussions have developed, it has become clear that we need to take more drastic measures to slow the growth of our workforce,” Brock wrote. “Adapting early and acting now will help us successfully navigate this macro environment and become even stronger, enabling further healthy growth and innovation.”
According to Brock, the freeze will include not only new, unfinished positions, but also the return of existing vacant roles at the company. There is an exception for “roles that are required to meet the high standards we set for safety and compliance, or to support other mission-critical work”.
In addition, Coinbase will pull some approved offers for incoming employees who haven’t started yet.
Brock wrote that this is “not a decision we take lightly,” but Coinbase calls it “necessary to ensure that we are only growing in the highest priority areas.” The firm said there will be limited exceptions and that all affected people will be notified today.
Brock said the move is “not a reflection on the highly talented people to whom we made job offers,” and that the firm canceled offers as well as severance to help them find jobs elsewhere in the industry. will offer.
The announcement comes less than a month after Brock promoted the fact that Coinbase was hiring.
Comp differentiation is about proving it in the field at Coinbase – adding value to our customers and our company in the role – not about negotiating skills when hired. If this speaks to you, we’re hiring! https://t.co/OfBAGh5WDv
— LJ Brock (@LJBrock) May 10, 2021
In May, Coinbase Posted a loss of $430 million for Q1 2022 after missing analysts’ predictions on both profit and revenue for the quarter. Coinbase’s share price is down more than 40% over the past month alone, down from the current price of $74 per share.
“We always knew cryptocurrencies would have ups and downs, but volatility along with larger economic factors could test the company and us personally in new ways,” Brock wrote today. “If we are flexible and resilient, and focused on the long term, Coinbase will be stronger on the other side.”
As mentioned, Gemini announced this morning that it would Layoff 10% of its employees To prepare for the “crypto winter” ahead. In late April, crypto and stock trading app Robinhood laid off 9% of its employees As development slowed down. The crypto markets have seen extreme volatility in recent weeks, with the price of top cryptos Bitcoin Down 21% in the last 30 days.
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