Crypto Exchange Coinbase Announces Continuation Of Hiring Pause

Major crypto exchange Coinbase has extended its hiring freeze and revoked accepted job offers from some candidates. The exchange, which stopped payments through a unified payments interface (UPI) on its app, said the global macro-economic factor has forced its hands to revoke the offers.

“[..we have decided to pause hiring for as long as this macro-environment requires,]”, Chief People Officer at Coinbase, LJ Brock, stated. The extended hiring freeze will also include backfills. However, some roles that require the crypto exchange to meet its high standards of compliance may be considered.

Coinbase Takes Tougher Stance To Slow Headcount Growth

Brock added that Coinbase stopped hiring for two weeks. But now, it has become clear that the exchange needs to take tougher measures to slow its headcount growth. The firm will also cancel several job offers for those recently employed but not started yet.

Brock stated that the decision was not taken lightly as it understands the impact it will have on those affected. The company wants to ensure that it is growing in the highest-priority areas while cutting down on costs to reflect on the current volatile market. There will be some exceptions, which will be managed and applied with the same criteria as backfills. Brock noted that the company will inform all incoming hires of the updated offer status by email.

While stating the crypto market could be volatile, he said larger economic factors along with the volatility could be an issue for the crypto exchange.

Coinbase Reported Loss Of $430 Million In Q1 2022

Last month, Chief Executive Officer of Coinbase, Brian Armstrong, revealed that the exchange stopped its operations in India due to “informal pressure” from India’s Reserve Bank. The chief added that some elements in the government do not feel positive about its operations there. The press calls it a “shadow ban” as they are applying soft pressure behind the scenes to stop some of the payments that may go through UPI.

Coinbase went public early last year when the market was highly volatile. At the time, some of the top tokens were gunning for their all-time high. However, the crypto exchange has reported its first net loss as a public company of $430 million in Q1 2022.

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