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Coinbase Pauses Hiring For ‘Near Future’ And Will Repeal Offers


Brian Armstrong, co-founder and CEO of Coinbase speaks on stage during ‘Tales from the Crypto: What the Currency of the Future Means for You’ at the Annual New Establishment Summit Friday of Vanity Fair at the Wallis Annenberg Performing Arts Center on October 23, 2019 in Beverly Hills, California.

Matt Winkelmeyer | beautiful pictures

Two weeks later plan announcement to slow down recruitment, cryptocurrency exchange Coinbase now says the freeze will last for “the near future.” The company will also attract some accepted job offers.

Coinbase said it notified the prospect of the canceled offers via email on Thursday. The company also said it is expanding its severance policy for these individuals and will help them arrange their work and review their records.

“After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires,” said LJ Brock, director Coinbase HR Manager, wrote in a blog post on Thursday. “The extended hiring pause will include filling, except for roles necessary to meet our high standards for security and compliance or to support other critical jobs. .”

Coinbase has lost more than 70% of its value this year as a crypto sell-off coupled with economic uncertainty has fueled a drop in users and shrinking revenue. Pain is being felt across most areas of technology, with Uber and Facebook father Meta take the same steps and Robinhood cut the first number about 9%.

Before the 2022 recession, Coinbase was one of the most valuable companies in the tech industry. The company tripled its staff size last year to 3,730 employees. Follow it Nasdaq debuts In April 2021, Coinbase reported a 12-fold increase in second-quarter sales to $2.28 billion, while profits increased 4,900% to $1.6 billion.

But the tech companies that posted the highest growth rates last year have been hit the hardest this year as investors pivot to assets seen as safer in a world of rising interest rates and inflation. growth skyrocketed. With bitcoin down more than a third this year and ethereum down 50%, fewer and fewer people are racing to Coinbase to open accounts and make trades.

Coinbase said last month revenue in the latest quarter fell 27% from a year earlier, while total transaction volume fell from $547 billion in the fourth quarter to $309 billion in the first three months of 2022.

“We’ve always known cryptocurrencies will be volatile, but that volatility coupled with larger economic factors could test the company and us personally,” Brock wrote in Thursday’s post. new way,” Brock wrote in Thursday’s post. “If we are flexible and resilient, and remain focused on the long term, Coinbase will become stronger in another respect.”

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