Crypto crash impact: ‘Scary’ market downturn forces Coinbase to slow down hiring, reassess headcount
The ongoing crypto market downturn has apparently forced crypto exchange Coinbase to pause plans to triple its headcount this year. The company on Tuesday (May 17, 2022) said it is slowing hiring to “ensure we’re best positioned to succeed during and after the current market downturn.”
In an official blog post, Coinbase said, “Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals.”
One of the world’s largest crypto exchanges, Coinbase also said the current slowdown will force it to be more rigorous in its prioritisation.
However, Coinbase asserted it is prepared for all market scenarios.
“We know this is a confusing time and that market downturns can feel scary. But as we said at last week’s Town Hall, we plan for all market scenarios, and now we are starting to put some of those plans into practice,” the blog said.
Recently, Coinbase had also announced plans to hire 1000 employees in India.
The global crypto market cap has reduced to $1.31 trillion while the traditional markets are also crashing world-wide. Billions of dollars worth of crypto investors money have already been wiped out in the last few days of crypto market crash.