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Jun 3, 2022
by Usha Yadav
Central Crypto Exchanges Announce Layoffs And Adjustments
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Due to the volatile market conditions, central crypto exchanges such as Gemini and Coinbase have announced layoffs and adjustments to their hiring processes. On July 2, both exchanges amended their blog statements, citing the current crypto winter and market conditions as reasons for making modifications to their recruitment processes. In a recent blog post, the Chief People Officer of Coinbase, LJ Brock, disclosed numerous significant changes to the exchange's employment procedure. Due to current market conditions, the exchange will extend its recruiting pause and withdraw "many accepted offers." Coinbase had scheduled a two-week hiring hiatus in order to examine its "hiring needs in relation to priority business goals." The blog went on to say that the exchange needed to take "severe" measures to restrict headcount expansion and adjust fast to the present market crisis.
Pause Hiring For Macro-Environment
“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.
The blog further stated that Coinbase would also be rescinding a number of accepted offers in order to focus the company's staff on areas that require more monitoring 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.”
Several central crypto exchanges have changed their work priorities as a result of the current crypto winter.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.