Coinbase Slows Down Hiring Rates After Disappointing Numbers In Q1

Coinbase slows down hiring rates after the disappointing numbers in Q1 according to a company’s executive so let’s read more about it in our latest Coinbase news.

In the past few years, Coinbase made a reputation as the leading crypto trading platform and competed for higher prices for the services in exchange for institutional investment opportunities and an easy-to-use platform. However, none of its major investmetns were able to isolate the company from the industry it belongs to, and with the crypto investors navigating through some rough waters, it seems that Coinbase is following suit.

While the trading platforms like Kraken, and Binance rely on staking and other ways of garnering revenue to make a profit, Coinbase is known for betting on transaction fees to keep their busienss rolling. The downside of the model is that when things get rough, the HODlers tend to double down and many become weary of the marekt conditions which means they are waiting for better opportunities. The bearish marekt of Q1 2022 led to a disappointing quarterly report and an all-time low for the COIN stock. Overall, Coinbase remains in good shape despite the poor work in the recent 10-q disclosure filing, and the CEO of Coinbase Brian Armstrong stated that the company is nowhere near bankruptcy, assuring investors that their funds are secure.

However, the exchange seems capable of weathering the current storm and had to put certain planned moves on hold. In the recent memo, Emilie Choi as the president and COO of Coinbase revealed changes in the company’s hiring policy and growth projections. After outlining the importance of expansion, Choi added that coinbase slows down the hiring spree to shelter from the current storm and had many of the next company moves put on hold. Despite the plans made in 2021 to triple the size of the company, the situation led coinbase leadership to allocate the resources meant for the expansion to the higher priority busienss goals.

The meme ended on a positive note and stressed the importance of quality onboarding of the new hires. It promised a return to form in short order thanks to the track record in the past 10 years:

“Big picture: We know this is a confusing time and that market downturns can feel scary. […]. We plan for all market scenarios, and now we are starting to put some of those plans into practice. We’re in a strong position — we have a solid balance sheet and we’ve been through several market downturns before, and we’ve emerged stronger every time.”