The ongoing crypto market downturn has apparently pressured crypto change Coinbase to pause plans to triple its headcount this 12 months. The firm on Tuesday (May 17, 2022) mentioned it’s slowing hiring to “ensure we’re best positioned to succeed during and after the current market downturn.”
In an official weblog put up, Coinbase mentioned, “Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals.”
One of the world’s largest crypto exchanges, Coinbase additionally mentioned the present slowdown will drive it to be extra rigorous in its prioritisation.
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However, Coinbase asserted it’s ready for all market situations.
“We know this is a confusing time and that market downturns can feel scary. But as we said at last week’s Town Hall, we plan for all market scenarios, and now we are starting to put some of those plans into practice,” the weblog mentioned.
Recently, Coinbase had additionally introduced plans to rent 1000 staff in India.
The international crypto market cap has diminished to $1.31 trillion whereas the standard markets are additionally crashing world-wide. Billions of {dollars} price of crypto traders cash have already been worn out in the previous few days of crypto market crash.
Source: www.financialexpress.com”