Coinbase halts hiring and cancels accepted job offers

Coinbase is backing down on its hiring efforts. one in Memo posted on Coinbase’s siteChief Public Officer LJ Brock announced that Coinbase is holding off on hiring new employees, as well as several jobs already accepted by potential workers, citing “current market conditions and ongoing business prioritization efforts”. Rejecting offers.

The change comes as the cryptocurrency market continues to move downwards, a drag supposedly immovable stablecoinwhich are pegged to a fiat currency or commodity with it. Coinbase begins to slow hiring The move was announced in mid-May to ensure that the company is “in the best position to succeed during and after the current recession,” but the move halts hiring altogether. Brock noted that the freeze would also affect backfill, or employees hired to replace workers who left the company. However, this does not include those hired to perform roles in “safety and compliance”.

Coinbase is also facing weak backlash Social NFT Marketplace Launched Massively in May, According to Data from Dune Analytics. Viewed by motley flower, 4,132 people bought an NFT on the platform within 19 days of its launch, and gross sales were $875,000, or an average of $46,000 per day. This It doesn’t help that NFT sales are declining overallIn contrast to the 225,000 NFT sales made in September, early May saw a loss of around 19,000 sales per week.

It is unclear how many job offers Coinbase has turned down, and the company did not immediately respond. ledgeComment request. Brock says affected individuals will benefit from Coinbase’s “generous severance policy” and access to a talent center with a variety of career resources, including interview coaching, resume reviews, and networking opportunities.

The change at Coinbase has left some potential employees struggling. least Two Individuals hired by Coinbase say they may lose their OPT (Optional Practical Training) visa due to the cancellation of the offer. others say He received an email assuring him that he would not lose his newly accepted job due to the company’s hiring slowdown, only to receive an impersonal email informing him of the canceled offer weeks later.

“You may have noticed this week that Coinbase posted an external blog post announcing our intention to slow down so that we can re-prioritize our recruitment needs against our highest-priority business goals. ,” reads the initial email to new Coinbase employees. “First and foremost, I wanted to point out that we are still extremely excited about you joining Coinbase and we will not revoke offers from any employee who has already signed up or received an offer from us. Is.”

Coinbase increased its workforce as part of its plan Hire 2,000 employees in 2022, adding that there were “big product opportunities for the future of Web3” at the time. its The most recent earnings report shows That Coinbase added 1,218 employees in the first quarter of 2022 alone, bringing its total to 4,948.

“While we did not take this decision lightly, it is prudent given market conditions,” Brock said in the letter. “We will continue to evaluate all of our options to responsibly navigate Coinbase through the current cycle.”

Coinbase’s hiring freeze is a sign of chilly conditions for the cryptocurrency market, and similar layoffs at other companies on the blockchain. Cameron and Tyler Winklevoss, the twins behind the Gemini cryptocurrency exchange, also announced that they are cutting 10 percent of the workforce, The same goes for Rain, a large crypto exchange based in the Middle East that Dozens of employees also laid off,

Last week, prominent short-seller Jim Chanos called Coinbase “extremely overvalued.” Feather crypto critics corner podcast (Via Good luck), and predicts that its stock price will sit “in the mid-teens” by the end of this year. Coinbase shares fell 9.7 percent After the news of the hiring freeze became public on Friday.

Author: Admin

Leave a Reply

Your email address will not be published.