Crypto Exchange Coinbase Slows Hiring Amid Market Downturn

Crypto Exchange Coinbase Slows Hiring Amid Market Downturn – Coinbase, a cryptocurrency exchange, has changed its staffing plans. Given the current market conditions, the company now believes it is appropriate to slow hiring and examine its staff needs against its commercial ambitions, after previously aiming to triple its size this year.

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Coinbase President and Chief Operating Officer Emilie Choi noted in a press release on Tuesday:

“To guarantee we’re best positioned to succeed through and after the current market slump, we’re slowing hiring so we may reevaluate our hiring needs against our greatest priority business goals.”

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Coinbase took the decision, according to Choi, in order to emerge stronger from this downturn. She stressed that the move is part of managing the firm to the scenarios that the firm had planned for, and that the modifications will have no impact on the company’s spending forecast for the second quarter or the entire year of 2022.

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Crypto Exchange Coinbase Slows Hiring Amid Market Downturn – The digital asset exchange now plans to concentrate on integrating its new personnel and being more stringent in its prioritization. “We understand that this is a confusing moment and that market downturns can be frightening,” the CEO said, adding that the company had faced similar challenges in the past.

Choi’s disclosure follows Coinbase’s announcement earlier this month that it controls $256 billion in fiat and crypto assets on behalf of its customers in its earnings report. It also acknowledged that if the company went bankrupt, users may lose access to their crypto money, which could be subjected to bankruptcy proceedings.

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