Coinbase is preparing for the worst to come as the US-based cryptocurrency exchange has revealed in a recent blog post it decided to rescind some accepted offers and full-stop hiring for both new and backfill roles.
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The company said the decision has been made in order to focus on its "highest-priority business goals," noting that it will continue to evaluate "all of our options to responsibly navigate Coinbase through the current cycle."
L.J. Brock, Chief People Officer at Coinbase, explained that the company decided to pause hiring "for as long as this macro environment requires." He added:
"The extended hiring pause will include backfills, except for roles that are necessary to meet the high standards we set for security and compliance, or to support other mission-critical work."
Although it remains unclear what exactly forced Coinbase to make such a U-turn, Brock pointed out that the current market conditions alongside larger economic factors "may test the company, and us personally, in new ways."
The move comes just a few weeks after Coinbase's President and Chief Operating Officer Emilie Choi said the company started to put some of its plans for crisis market scenarios "into practice" as market faced the so-called "crypto winter."
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