Coinbase, a leading U.S. cryptocurrency exchange, has slowed its hiring, citing the current market downturn cycle as a reason to revise its hiring strategy. Management believes the move will allow the trading platform to align its hiring needs with its business goals.
Coinbase will review its staffing needs and focus on integrating recently hired
cryptocurrency exchangeannounced changes to its headcount plan, with CoinbasePreviously aiming to triple its headcount this year, the company deemed it wise to delay hiring and review its staffing needs in line with its business goals, given current market conditions. Coinbase President and COO Emily Choi was quoted in a press release Tuesday explaining that.
To ensure we are in the best position to succeed during and after the current market downturn, we are announcing a slowdown in hiring that will allow us to reprioritize our hiring needs in line with our highest priority business objectives.
Choi further clarified that Coinbase made this decision to emerge from this down cycle stronger. She stressed that the move is part of managing the company’s business as planned, and assured that this change will not affect the spending forecast for the second quarter and all of 2022.
The Digital Asset Exchange now intends to focus on integrating newly hired staff and be more rigorous in its prioritization. “We know that these are troubled times and that a downturn in the marketplace can seem daunting,” said the head of the company, noting that the company has been through other such trials in the past.
Choy’s statement came after Coinbase revealed in its earnings report in early May that it held $256 billion in fiat and crypto assets on behalf of its customers. It also acknowledged that if the company declared bankruptcy, its users could lose access to the cryptocurrency funds in their accounts as they could become subject to bankruptcy proceedings.
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