Coinbase, a cryptocurrency exchange, has restructured its workforce to meet the market’s changing needs.
Coinbase’s president, Emilie Choi, was also the chief operating officer. The post was published on Tuesday. It stated that the company would slow down hiring to “reprioritize [our hiring needs] against our highest-priority goals.”
“We had planned to double the company’s size in the previous year. We feel it prudent to slow down hiring and reevaluate our headcount requirements against our highest priority business goals, she stated. “Headcount growth, which is a key input into our financial model, is important to ensure that we manage our business according to the scenarios we planned for. This includes the potential adjusted Ebitda we aim to manage.”
This news comes as crypto markets are in turmoil following the dramatic collapse TerraUSD (UST), which was the third-largest stablecoin in crypto. Major cryptocurrencies are all down, including bitcoin which fell below $30,000 for the first week in a row this year.
Coinbase shares, which were listed via direct listing last year, have taken a beating last week. The stock dropped to new lows after the quarter’s earnings report. The stock closed Monday at $61.70, an 80% drop from its April 2021 debut as a public company.
Choi stated in her note that “now is a time to ensure that we are fully integrating all new hires — so that we can ensure their success at Coinbase.”
“Big picture: We understand that this can be confusing and that downturns in the market can feel frightening. She continued, “But as we stated at last week’s Town Hall, plan for all market situations, and now, we are beginning to put some of those plans into action.” We are in a strong place. We have a solid balance sheet. And we’ve survived several market downturns and come out stronger each time.
