Coinbase to extend hiring freeze as cryptocurrency trends downward

Coinbase to extend hiring freeze as cryptocurrency trends downward

Coinbase, a digital currency wallet platform that enables transactions of new digital currencies like Bitcoin, Ethereum, and Litecoin, has announced that it is putting a halt on hiring new employees, as well as withdrawing various job offers which are already accepted by potential workers amid current market conditions and ongoing business prioritization efforts.

L.J. Brock, Chief People Officer of Coinbase, said that the company started to slow down hiring in mid-May to ensure that Coinbase is best positioned to succeed during and after the current downward trend, but this move has halted hiring completely.

He further stated that the hiring freeze will affect the employees that were hired to replace employees leaving the company. However, the decision excludes those who were hired to serve for roles in security and compliance.

It's not clear how many job offers Coinbase has withdrawn, but Brock says that the affected people will benefit from the company’s “generous severance policy” and will be provided with access to a talent hub of several career resources, including facilities like interview coaching, networking opportunities, and resume building.

The decision by the company has left some prospective new hires struggling. Two individuals that were set to be hired by Coinbase said that they may lose their OPT Visa due to the job offer withdrawal.

However, Brock said that many individuals might have seen Coinbase posted an external blog stating its intentions to slow down the hiring process so that it can reprioritize its hiring needs against the highest-priority business targets.

Coinbase’s initial mail to new employees communicated that Coinbase is still extremely thrilled to have new hires on board and the company will not be rescinding the job offers of any employees who have already received or signed the offer letter from the company.

While this decision was made after considering several things going on in the cryptocurrency market, Coinbase will still continue to re-examine and evaluate all of its options to navigate the company through the current cycle, said Brock. 

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