The hiring freeze will be extended and some accepted offers will be revoked.
Two weeks ago, the third largest exchange by volume began to slow hiring.
L.J. Brock wrote in a company memo that adapting quickly and acting now will allow us to navigate this macro environment and emerge even stronger.
Brock said that the hiring freeze will continue as long as the macroeconomic downturn continues. A replacement will be hired for any role that is necessary.
Outstanding offers for people who have not started will be withdrawn. It is necessary to ensure we are only growing in the highest priority areas by making this decision. Incoming hires will be informed of their offer status by email.
The letter does not say who will be eligible for the generous severance philosophy of the company. In the late 2020s, when CEO Brian Armstrong invited employees to resign if they were upset with the company's " a political" mission, the company's severance packages supported employees for four to six months, depending on their length of employment. The company is setting up atalent hub to give impacted individuals additional support.
Brock wrote that the company and himself may be tested in new ways because of the volatile nature of the asset. The other side will come out stronger if we are flexible and resilient.
The company was going to triple its headcount in the years to come. The company said in its first quarter results that it could limit the number of employees. A bad sign for a coin exchange that depends on trading activity for most of its revenue is the company's $430 million loss.
The co-founders and twin brothers of the digital currency platform are curtailing their workforce. There areurbulent market conditions that are likely to persist for some time.
This turmoil is not limited to thecryptocurrencies space. It is estimated that 15,000 tech workers lost their jobs in May as companies try to cut costs.
Coinbase’s difficult Q1 results complicate market for crypto startups
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