Coinbase stops hiring workers and considers layoffs
Cryptocurrency exchange Coinbase says it is cutting recruitment positions due to the current market situation.
According to Emilie Choi, President and Chief Operating Officer of Coinbase, cryptocurrency exchange Coinbase has decided to stop hiring new employees and re-evaluate its headcount needs.
According to the announcement, the reason for the changes was "current market conditions". As part of the company's reorganization, Coinbase wants to make sure the exchange is still in line with crisis scenarios:
“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.”
It is not clear what business goals are in question. Choi also didn't specify how many Coinbase employees could be affected by layoffs but suggested that the exchange had already started implementing one of its crisis insurance plans. At the time this article was written, Coinbase had over 4,900 employees.
Recall that the cryptocurrency market capitalization has lost more than $200 billion over the past week. Against the background of the incident with the terraUSD Stablecoin (UST), bitcoin quotes dropped in the pair BTC/USD to $25,302. Since the beginning of the year, the largest in terms of capitalization cryptocurrency has lost more than 35% in price.
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