As COIN falls 82 percent from its all-time high, Coinbase delivers an update on employment intentions.
To “reevaluate personnel needs,” Coinbase has paused hiring.
Today, May 17, 2022, Mrs. Choi opted to publish the letter she had previously shared with Coinbase employees. In light of the current market downturn, the article examines Coinbase’s significant changes to its recruitment practices.
Coinbase: Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals. Coinbase lost $420 million in the first quarter. Shares are down 75% year-to-date. https://t.co/bLbxg6qK58
— Wu Blockchain (@WuBlockchain) May 17, 2022
According to the letter, the company has decided to scale down recruitment and review its workforce needs. This information is crucial for any scenario of Coinbase’s development since headcount growth is a sensitive metric for the company’s growth.
Mrs. Choi said that the revisions mentioned “are not expected to have a significant impact” on the projected expenditures for 2022.
Prior to the recession, the company had planned to triple in size. In 2021, it employs more than 3,700 remote employees.
This remark may seem alarming, but Mrs. Choi highlighted that Coinbase is “in strong situations” and has previously endured market downturns.
82 percent lower than its all-time high, the price of COIN has found support at around $60.
On May 14, 2022, Coinbase celebrated its tenth birthday; it is one of the oldest and most well-known exchanges for both institutional and retail consumers. As previously reported by U.Today, Coinbase grabbed headlines with its controversial statement over the suspected theft of client funds.
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