Coinbase’s hiring is slowing due to the market downturn.

0
24
Image Credit: Getty Image

Coinbase, the largest crypto exchange in the United States, is slowing hiring, citing the current market downturn as a reason to reconsider its staffing strategy. The trading platform’s management believes that the move will allow it to better match its hiring needs to its business objectives.

Coinbase, a cryptocurrency exchange, has changed its staffing plans. After previously aiming to triple its size this year, the company now believes it is prudent to slow hiring and reassess its personnel needs against its business goals. As Coinbase President and Chief Operating Officer Emilie Choi explained in a press release on Tuesday:

“To ensure we’re best positioned to succeed during and after the current market downturn, we’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals.”

Choi further elaborated that Coinbase had made the decision in order to emerge stronger from this down cycle. She emphasized the step is part of managing the business to the scenarios the company had planned for, and assured the changes will not affect its expense outlook for the second quarter and the whole of 2022.

The digital asset exchange now intends to focus on integrating its recent hires and becoming more rigorous in determining its priorities. “We know this is a confusing time and that market downturns can feel scary,” the top executive noted while pointing out that the company has been through other, similar challenges in the past.

Choi’s announcement comes after Coinbase revealed in its earnings report earlier in May that it holds $256 billion in fiat and crypto assets on behalf of its customers. It also admitted that if the company declared bankruptcy, its users can potentially lose access to the crypto funds in their accounts as these could be subject to bankruptcy proceedings.