Cryptocurrency platform Coinbase has announced that it will be rescinding some of the job offers it accepted, as the company continues the face newer economic realities. The recent revelation comes shortly after the company announced that it will be slowing the pace on hiring. The company has now extended the time that it’ll be slowing hiring into the “forseeable future.”
On Thursday, the company informed prospects of the rescinded offers by email. Luckily for these applicants, the company will be extending its severance policy to them and will also provide assistance with placement and resume review. “After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires,” L.J. Brock, Coinbase’s chief people officer, wrote in a blog post on Thursday.
“The extended hiring pause will include backfills, except for roles that are necessary to meet the high standards we set for security and compliance, or to support other mission-critical work,” he added.
Cryptocurrencies have lost a whole lot between last year and now. For Coinbase, the company has experienced a decline of over 70 percent this year as the cryptocurrency market continued to tumble. The company, before the downturn experienced in 2022, was doing extremely well. As of last year, it had grown its staff to 3,730 employees. When it debuted on Nasdaq in April of 2021, it reported an incease in second-quarter sales to $2.28 billion and profit had grown 4,900 percent to $1.6 billion.
Last month, the company reported a 27 percent decline in revenue from a year earlier, with total trading volume declined from $547 billion in the fourth quarter to $309 billion in the first three months of 2022.“We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways. If we’re flexible and resilient, and remain focused on the long term, Coinbase will come out stronger on the other side,” the company wrote in its blog post.
