Coinbase extends its recruiting freeze

According to a blog post published on June 2, Coinbase will rescind a portion of the accepted job offers and prolong the recruitment suspension. This is seen as an effort by this exchange amid a turbulent cryptocurrency market and unfavorable macroeconomic environment. 

Coinbase initially declared intentions to halt the recruiting process in May, but L.J.'s blog post on June 2 contradicted this. Brock, chief human resources officer of Coinbase, has stated that the business would use tighter procedures. 

"As these conversations go, it becomes evident that we must take stricter efforts to halt our workforce expansion. However, rapid adaptation and action today will assist us in effectively navigating this macro environment and thriving in the future, allowing for innovation and healthy development", Brock has contributed. 

In addition, Brock said that the freeze will encompass both new roles and filling empty positions inside the organization. However, exceptions will be made for security-related classes requiring a higher qualification standard. 

"This was not an easy choice to make. In the essay, Brock underlined the need to focus Coinbase's expansion efforts only on high-priority sectors. The chief human resources officer at Coinbase said that the exchange would assist terminated employees in finding employment elsewhere in the sector. Less than one month has passed since Brock publicized Coinbase's hiring. 

Coinbase announced a loss of $ 430 million in its Q1 / 2022 financial report for May. In addition, Coinbase's share price dropped by more than 40 percent in the last month, falling to less than 74 USD per share. 

As previously reported by MarginATM, on February 6, the Gemini floor stated it would cut off 10 percent of its workforce in preparation for the forthcoming "crypto winter." Additionally, due to the platform's poor development, the stock and cryptocurrency trading app Robinhood laid off 9 percent of its workers at the end of April. 

Overall, the volatility of the cryptocurrency market and macroeconomic variables have substantially influenced businesses working in this industry. Unfortunately, this causes some of these companies' workers to lose their jobs.