Coinbase slowed down staff expansion because of the market instability
The crypto exchange’s chief operating officer Emilie Choi, said that the platform has abandoned its plan to triple its headcount this year
17.05.2022 - 15:30
485
1 min
0
What’s new? Cryptocurrency exchange Coinbase has abandoned its plan to triple its headcount this year because of the unstable market conditions. The exchange will slow down its staff increase to reallocate hiring needs based on the highest-priority business goals. This was announced by the crypto exchange’s chief operating officer Emilie Choi.
What else is being reported on the blog? Choi noted that headcount growth was a key input to the platform’s financial model. According to her, “now is the time to ensure we are fully integrating all recent hires — so we can ensure that they are successful at Coinbase.”
Choi stressed that “this is a confusing time and that market downturns can feel scary,” but the exchange is prepared for all future scenarios. She also added that Coinbase has experienced several market downturns before, “and we’ve emerged stronger every time.”
What events happened before? Coinbase reported a loss of $430 million for the first quarter of 2022. The total trading volume on the exchange was down $238 billion from the previous reporting period.
On May 16, $1,8 billion worth of ETH was withdrawn from Coinbase. The total withdrawal of funds from the crypto exchange amounted to 900 634 ETH.
Useful material?
Incidents
Scammers took advantage of the former US president’s recent announcement of a real DeFi protocol
Sep 4, 2024
Technologies
The upgrade is aimed at implementing a new decentralized project governance system
Sep 2, 2024
Incidents
The company placed $2б4 billion in bonds maturing in 2026, but their value has fallen dramatically since the entrepreneur’s arrest
Aug 30, 2024
Incidents
In both cases, depending on the outcome of the investigations, the messenger could be blocked
Aug 29, 2024
Market
The project will offer a decentralized alternative to traditional banking services
Aug 29, 2024
Trends
Within a week of its launch, the platform managed to overtake its main competitor, Pump.fun on the Solana network
Aug 28, 2024