Illustration by Alex Castro / The Verge
Coinbase is pulling back on its hiring efforts. In a memo posted to Coinbase’s site, chief people officer L.J. Brock announced that Coinbase is putting a pause on hiring new employees, as well as rescinding several job offers already accepted by prospective workers, citing “current market conditions and ongoing business prioritization efforts.”
The shift comes as the cryptocurrency market continues to trend downwards, dragging the supposedly immovable stablecoins, which are pegged to a fiat currency or commodity, with it. Coinbase started to slow hiring in mid-May to make sure the company is “best positioned to succeed during and after the current downturn,” but this move halts hiring completely. Brock notes that the freeze will also affect backfills, or the employees hired to replace workers leaving the company. It excludes those hired to fill roles in “security and compliance,” however.
Coinbase is also contending with a lackluster response...
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