Coinbase rescinds job offers and implements hiring freeze
Recruitment pause to last as long as “macro environment requires”, says crypto exchange
Coinbase, the largest cryptocurrency exchange in the US, has implemented a hiring pause and rescinded a number of accepted job offers due to current market conditions.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Coinbase has also now established a talent hub to help those who have had job offers rescinded to access support services, job placement support, CV reviews and interview coaching.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.”