Coinbase hiring will be paused for the “foreseeable future” and offers will be cancelled

Coinbase Co-Founder and CEO Brian Armstrong speaks on stage during ‘Tales from Crypto: What a Currency of the Future Means to You’ at the 6th Annual New Foundation Summit for Vanity Fair at the Wallis Annenberg Center for the Performing Arts on October 23, 2019 in Beverly Hills, California.

Matt Winkelmayer | Getty Images

After two weeks Announcing plans To slow down recruitment and exchange of cryptocurrency Queen Piece He now says the freeze will extend for the “foreseeable future”. The company will also withdraw some accepted job offers.

Coinbase said it notified potential customers of the canceled offers via email on Thursday. The company also said it is extending its termination policy to these individuals and will assist them with hiring and resuming review.

LJ Brock, Chief Operating Officer of Coinbase, wrote in Blog post Thursday. “The hiring pause will include refills, except for roles necessary to meet the high standards we have set for security and compliance, or to support other mission-critical businesses.”

Coinbase has lost more than 70% of its value this year as the sale of cryptocurrency coupled with the economic turmoil has led to a drop in the number of users and shrinking revenue. The pain is felt in most of the tech sector, with Uber and dad facebook dead Take similar steps, and Robinhood the number of pieces by about 9%.

Before the economic downturn of 2022, Coinbase was among the best pilots in the tech industry. The company tripled its headcount last year to 3,730. Then For the first time on NASDAQ In April 2021, Coinbase reported a 12-fold increase in second-quarter sales to $2.28 billion, while profits rose 4900% to $1.6 billion.

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But technology companies with the highest growth rates last year have been hardest hit this year as investors rotate into assets deemed safer in a world of rising interest rates and spiraling inflation. With bitcoin down more than a third this year and ethereum down 50%, fewer people are racing to Coinbase to open accounts and make transactions.

Queen Piece He said last month This fourth-quarter revenue was down 27% from the previous year, while total trading volume declined from $547 billion in the fourth quarter to $309 billion in the first three months of 2022.

“We’ve always known cryptocurrencies were going to be volatile, but that volatility combined with larger economic factors could test the company, and we personally, in new ways,” Brooke wrote in a post on Thursday. “If we are resilient and resilient, and stay focused for the long term, Coinbase will come out stronger on the other side.”

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