- Coinbase plans on slowing down the hiring process as its revenue drops amid the market downtrends.
- The company wants to focus on other business goals that it thinks are of more importance right now, highlights President Emilie Choi.
- It would also reevaluate its headcount and the expansion plans given the plunging market.
Meltdown Causes Slowdown
Coinbase, one of the most significant crypto exchanges, has recently highlighted that it will slow down its hiring process and reevaluate its headcount amid the current market plunge.
According to the president and COO of Coinbase, Emilie Choi, the company wants to focus on other business aims that it thinks are of more importance right now.
The bearish market trends that have engulfed the crypto space lately have promoted a lot of entities and companies to slow down as they are not able to cope up with the downtrend. And the largest exchange in the US, Coinbase, also decided to halt its expansion plans.
Earlier in April, the crypto exchange highlighted its expansion plans that it would triple the company’s size and take on a more considerable part of the market globally, for instance, in India. They also earlier signified that they would hire 2,000 people globally.
Brian Armstrong, the CEO of Coinbase, also cited that half the employees would come from India, where the exchange also planned to expand. But the plans took an inverse turn due to the regulatory uncertainty in the country.
Furthermore, the company highlighted that it would reassess its headcount but did not clearly disclose if it was planning on cutting down its personnel. But it would prioritise its resources and will fully integrate the recent hires.
Chio cited that headcount growth is a key input to their financial model, and this is an important action to make sure that they manage their business to the scenarios they planned for.
And that they plan for all market scenarios, and now they are starting to put some of those plans into practice. They are in a strong position, they have a solid balance sheet, and they have been through several market downturns before and have emerged stronger every time.
It is indeed true that the recent crypto meltdown has impacted the entire industry and all its associated entities. But it is to look forward to how the market further evolves.
Source: https://www.thecoinrepublic.com/2022/05/18/coinbase-to-make-hiring-and-expansion-sluggish-amid-the-market-slump/