Coinbase Extends Its Hiring Pause Citing The Current Crypto Winter.

  • Crypto exchange Coinbase will be extending its hiring pause citing the current market conditions. 
  • New York- based crypto exchange Gemini had also decided to lay off 10% of its workforce to focus on critical exchange products to navigate the current market crunch.

The turbulent market conditions are forcing central crypto exchanges like Gemini and Coinbase to announce cutbacks and changes in their recruitment processes. 

Both the exchanges issued updated blog statements on July 2, citing the current crypto winter and market conditions as the reason to make changes in their recruitment processes. 

Coinbase To Pause Hiring New Recruits Citing The Current Market Conditions

In a recent blog post penned by Coinbase’s Chief People’s Officer LJ Brock, the exchange has announced several critical changes in its hiring process. The exchange will be extending its hiring pause citing the current market conditions and will also rescind “several accepted offers.”

Coinbase had initially planned a two-week hiring pause as a strategy to reassess its “hiring needs against priority business goals.” The blog further reiterated that the exchange needs to take “stringent” measures to slow its headcount growth and adapt quickly to navigate the current market crunch. 

“After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro-environment requires.” The blog post later added. 

Coinbase will also be rescinding several accepted offers as a measure to keep the workforce concentration directed towards growth areas that need additional supervision and attention.  

“We will also rescind several outstanding offers for people who have not started yet. This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas.” The blog further stated

The current crypto winter phenomenon is leading several crypto exchanges to modify their work priorities. Described as a prolonged period of flat trading following a price crash, the crypto winter can trigger a period of gradual meltdown where general crypto trading slows and remains flat for a particular period of time.