Coinbase to extend hiring freeze; rescind some offers
Earlier, US crypto exchange Coinbase had temporarily frozen hiring for two weeks due to rising interest rates and market volatility. Now, it is making the policy permanent.
will extend its hiring freeze for the foreseeable future as traditional market downturns have impacted its ability to grow as rapidly as it would have liked, the crypto exchange platform said in a blog post on Thursday.
According to Reuters, the company will also rescind its offers for a few positions that it had cleared in the recent past. Initially, Coinbase had announced a freeze on hiring on May 17 as a temporary measure amidst increased interest rates and market volatility.
"We always knew crypto would be volatile, but that volatility, alongside larger economic factors, may test the company, and us, personally, in new ways," said L.J. Brock, Chief People Officer, Coinbase, in the blog post.
The share price of Coinbase remained flat after the announcement, although it is still down over 75 percent since its listing last spring.
Recently, the company's shareholders were hit by the news of a 35 percent slump in total revenue in the first three months of this financial year when Coinbase revealed its Q1 numbers earlier in 2022. Analysts had estimated total revenue of $1.48 billion, but the US-based crypto company was only able to report $1.17 billion.
Edited by Suman Singh
