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

518

1 min

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.

Coinbase’s blog

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On May 16, $1,8 billion worth of ETH was withdrawn from Coinbase.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.

Author: