Major US crypto exchange Coinbase is slowing hiring, citing the current down cycle in the market as a reason to rethink its staffing strategy. The company’s management believes that the move will allow the trading platform to match its trading needs with its business objectives.
Coinbase Will Reassess Staffing Needs And Focus On Onboarding Recent Hires
Cryptocurrency exchange Coinbase has announced a change in its staffing plans. After previously aiming to triple its size this year, the company now feels it is prudent to cut back on hiring and reassess its staffing needs against its business goals, given current market conditions. Quoted in a press release on Tuesday, Coinbase President and COO Emilie Choi explained:
To ensure that we are better positioned to succeed during and after the current market downturn, we are announcing that we are reducing hiring so that we can re-prioritize our hiring needs against our highest-priority business goals.
Choi further explained that Coinbase had made the decision to come out of this down cycle stronger. He stressed that the step is part of managing the business in the scenarios the company had planned and assured that the changes will not affect its spending outlook for the second quarter and all of 2022.
The digital asset exchange now intends to focus on integrating its recent hires and become more rigorous in determining its priorities. “We know that this is a confusing time and that market downturns can be scary,” the senior executive said, noting that the company has experienced similar challenges in the past.
Choi’s announcement comes after Coinbase revealed in its earnings report in early May that it holds $256 billion in fiat and crypto assets on behalf of its clients. He also admitted that if the company goes bankrupt, its users may lose access to crypto funds in their accounts, as these could be subject to bankruptcy proceedings.
Do you expect other major crypto firms to reconsider their hiring plans? Tell us in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerNote: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.