Coinbase rescinds job offers and implements hiring freeze

Recruitment pause to last as long as “macro environment requires”, says crypto exchange

Coinbase logo displayed on a modern smartphone                                 
Coinbase’s chief people officer LJ Brock said the decision to rescind outstanding job offers was not taken lightly – Photo: Alamy
                                

Coinbase, the largest cryptocurrency exchange in the US, has implemented a hiring pause and rescinded a number of accepted job offers due to current market conditions.

Coinbase’s chief people officer LJ Brock announced in a blog post that the company paused its hiring efforts towards the end of May while attempting to “reprioritise its hiring needs against its highest-priority business goals”.

Brock believed that by “adapting quickly”, Coinbase would be able to “successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation.”

The crypto exchange said the pause in hiring will last as long “as this macro environment requires”.

Job offers that will not be affected by the move are roles that Coinbase view as “necessary” to maintain its security and compliance standards.

Not a decision Coinbase made ‘lightly’

Brock said rescinding outstanding job offers was not a decision the company made “lightly” but he still viewed it as “necessary”.

The chief people officer did add that “this decision is not a reflection on the highly-talented people we had extended job offers to.”

Additionally, as Coinbase offered what Brock described as a “generous severance philosophy” it would help to “offset the financial impact of this decision”.

Coinbase has also now established a talent hub to help those who have had job offers rescinded to access support services, job placement support, CV reviews and interview coaching.

‘Transparent about decisions’

Brock said: “As we manage through this downturn, we want to be transparent about the decisions we must make to meaningfully manage expenses. For example, on our Q1 earnings call, we discussed that headcount, and a variety of other expenses are the key ways for us to manage our costs.

“While we did not make this decision lightly, it is the prudent one given market conditions. We will continue to evaluate all our options to responsibly navigate Coinbase through the current cycle.”

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image