Cryptocurrent firm Coinbase is freezing new hires and rescinding some job offers, citing “current market conditions and ongoing business prioritization initiatives.”
The decision comes as the cryptocurrency market continues to fall, pulling with it the ostensibly immovable stablecoins, which are linked to a fiat currency or commodity.
The cryptocurrency company began to limit recruitment in mid-May to ensure the firm is best positioned to flourish through and after the current slowdown, but this decision fully halts hiring.
The freeze will also affect backfills, or people hired to replace workers departing the organization, with the exception of those employed to fill roles in security and compliance.
Coinbase is also dealing with a disappointing reaction to its social NFT marketplace, which was widely introduced in May.
It is reported that 4,132 persons acquired an NFT on the platform within 19 days after its inception, with gross sales totaling $875,000, or $46,000 per day on average.
It doesn’t help that NFT sales are dropping overall, with weekly sales dipping to around 19,000 in early May, compared to 225,000 in September.
Individuals affected will benefit from Coinbase’s “generous severance policy” as well as access to a talent hub with numerous career services like interview coaching, resume review, and networking opportunities.
At least two people who were supposed to be employed by Coinbase claim they may lose their OPT (Optional Practical Training) visas as a result of the canceled offer.
Coinbase increased its workforce as part of its ambition to add 2,000 people by 2022, citing “enormous product opportunities ahead for the future of Web3” at the time.
Coinbase gained 1,218 people in the first quarter of 2022 alone, increasing its total employment to 4,948 according to its most recent financial report.
The hiring halt at Coinbase, as well as layoffs at other blockchain startups, point to chillier conditions in the bitcoin industry.
Source: The Verge