Crypto winter has come, and Coinbase is in trouble
by Emma Roth from The Verge - All Posts on (#60153)
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...