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Two weeks after announcing a hiring pause, Coinbase has on Thursday shared yet another update on its recruitments. The existing market conditions in the cryptocurrency space have in general forced several companies to slash their headcount.
Earlier in the day, another crypto exchange Gemini announced it is cutting 10% of its employees. Gemini founders Tyler Winklevoss and Cameron Winklevoss wrote to the employees on the decision. According to a Bloomberg report, they cited several reasons, one of which is the ‘crypto winter’. “This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”
Coinbase Extends Hiring Pause
In a blog post by L.J. Brock, Coinbase chief people officer, said the job cuts decision was a result of current market conditions. Interestingly, the exchange also decided to rescind several offers which were already accepted.
“In response to the current market conditions and ongoing business prioritization efforts, we will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers.”
‘Rescind Accepted Offers’
In response to the current market conditions and ongoing business prioritization efforts, we will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers.
We will rescind a number of outstanding offers for people who have not started yet, Brock stated. “This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas.”
He added that the decision was initially taken two weeks ago to reprioritize hiring needs. Over the last two weeks, it has become evident that we need to take more stringent measures to slow our headcount growth, he explained.
“Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation.”
The top Coinbase executive highlighted the company’s transparency about decisions to manage expenses meaningfully. Referring to its Q1 earnings call, he recalled discussing headcount and other expenses to manage our costs.
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