Coinbase Cancels Job Offerings and Pauses Hiring Process Amid Crypto Bear Market

Top US crypto exchange Coinbase is altering its hiring plans as stagnating digital assets markets continue to put pressure on the industry.

In a new blog post, Coinbase’s chief people officer L.J. Brock says that the exchange is going to be extending its pause on hiring new employees for the foreseeable future as well as rescinding a number of job offers they’ve already made.

“The extended hiring pause will include backfills, except for roles that are necessary to meet the high standards we set for security and compliance, or to support other mission-critical work. We will always prioritize the safety and security of our customers’ funds…

We will also rescind a number of outstanding offers for people who have not started yet. This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas.”

In an effort to mitigate losses, Coinbase is offering workers who had their job offers repealed a care package which includes severance and access to exclusive resources.

“We acknowledge and take responsibility for the experience of those impacted. The decision [to rescind offers] is not a reflection on the highly talented people we had extended job offers to. We will apply our generous severance philosophy to offset the financial impact of the decision.

To further support impacted individuals, we are establishing a talent hub to allow them to opt-in to receive additional support services including job placement support, interview coaching, and access to our strong industry connections.”

Featured Image: Shutterstock/Alberto Andrei Rosu