Coinbase Slows Hiring Amid Current Market Downturn
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Cutting Down on Tripling Its Headcount Plans
In a blog post published Tuesday, Emilie Choi, Coinbase’s president and chief operating officer, said that the company would be slowing hiring to “reprioritize our hiring needs against our highest-priority business goals.”
The company had plans to triple its headcount this year. However, given the current market conditions, the firm feel it’s prudent to slow hiring and ‘reassess our headcount needs against our highest-priority business goals.’
“Importantly, now is the time to ensure we are fully integrating all recent hires — so we can ensure that they are successful at Coinbase. This slow down will also force us to be more rigorous in our prioritization,” Choi wrote in the announcement release.
Coinbase's Q1 2022 Earnings Reports Huge Loss
Earlier last week, Coinbase reported a huge Q1 loss of $430 million compared to an $840 million profit in Q4 2021. The earnings release resulted in a declining value for Coinbase’s stock and the overall US equities market as a whole.
The next day, Cathie Wood-led Ark Investment Management scooped up the falling shares of Coinbase Global (COIN) and bought more than half a million Coinbase shares.