Coinbase Halts Hiring And Will Rescind The Accepted Job Offers

Coinbase halts hiring and will rescind the accepted job offers because of the crypto crash and the fear of the crypto Winter which prompted the exchange to get aggressive in cutting costs so let’s read more today in our latest Coinbase news.

With the $430M loss in Q1 2022, Coinbase will take some stringent measures when it comes to hiring. On the same day that the rival exchange Gemini confirmed it will lay off employees, Coinbase announced that it will continue the hiring freeze amid the recent market for both crypto and tech stocks so the company will rescind some job offers for employees that accepted positions but had not started working yet. Coinbase announced plans in May to slow hiring but the blog post from today shows that the exchange will take a huge turn. The chief people officer LJ Brock confirmed that Coinbase halts hiring processes until further notice:

“As these discussions have evolved, it’s become evident that we need to take more stringent measures to slow our headcount growth. Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation.”

Comp differentiation is about proving it on the field at Coinbase- adding value for our customers and our company in role — not about negotiation skills at time of hire. If this speaks to you, we are hiring!https://t.co/OfBAGh5WDv

— L.J. Brock (@LJBrock) May 10, 2021

According to Brock, the freeze will include new, unfilled positions but also some backfilling existing roles in the company. There’s an exception for the roles that are necessary to meet the high standards that the platform sets for security and complaince to support other mission-critical work. Coinbase will pull other offers for incoming employees that have yet to start. Brock wrote that it is not a decision they made lightly but that Coinbase saw it as a necessary step to ensure they are growing in the highest priority areas. The company added that there will be limited exceptions and that all affected people will get notified immediately.

Brock added that the move is not a reflection of the talented people that extended the job offers and that the company will offer severance to the ones with rescinded offers as well as to help them find jobs in other parts of the industry. The announcement came less than a month after Brock promoted the fact that coinbase started a hiring spree. Coinbase also posted a 0 million loss for Q1 2022 after missing the analysts’ predictions on the profit and revenue for the quarter.
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The stock prices are down by 40% in the past month along with the current price of $74 per share. Brock wrote:

“We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways. If we’re flexible and resilient, and remain focused on the long term, Coinbase will come out stronger on the other side.”