Cryptocurrency exchange Coinbase is reconsidering the amount of human resources it needs and is slowing hiring given "current market conditions." In a blog post, Coinbase's President and Chief Operating Officer, Emilie Choi, said that the company now wants to reprioritize its "highest-priority business goals."
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Choi went on saying that Coinbase has actually already started to put some of its plans for market scenarios "into practice." She added:
"We've made an important decision to ensure we’re being rigorous in our resource prioritization so we can emerge from this down cycle even stronger than we are today."
Choi declined to explain how many employees might face layoffs. At the time of writing, Coinbase has over 4,900 employees, according to the exchange's "About" page. In February this year, Coinbase CEO, Brian Armstrong, said during fourth-quarter earnings call that the chances that the market was entering a "crypto winter" were slim. He particularly doubted that cryptocurrencies were going to drop significantly in prices as a trend of "going through summers and winters" was a thing of the past.
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