On 19 May, Coinbase appears to have been impacted by the recent cryptocurrency market meltdown. According to reports, the main digital asset platform would cease recruiting for two weeks, halt several business projects, and reduce its expenditure on Amazon Web Services.
The cryptocurrency market has had a difficult few weeks and months, with falling values across all charts, which has impacted some of the industry’s major enterprises. President and COO at Coinbase, Emilie Choi stated in the blogpost that:
“This slow down will also force us to be more rigorous in our prioritization. We’re in a strong position — we have a solid balance sheet, and we’ve been through several market downturns before, and we’ve emerged stronger every time.”
The firm additionally plans to repay its workers by giving them stock awards. Last year, Coinbase began exchanging on Nasdaq, turning into the primary significant trade to have its portions public. Upon send off, COIN exchanged at almost $400, while as of now, it drifts around $67.
The company’s plans to quadruple its workforce size are jeopardised by the slowing hiring drive. Coinbase added 1,200 new employees in the first quarter of 2022, bringing the total to over 5,000. The future state of the crypto market appears to be critical in determining how the expansion will unfold throughout the year.
Chief Product Officer at Coinbase, Surojit Chatterjee also commented on the company’s short-term future intentions. According to the Excecutive, the exchange will focus on “important revenue-generating products.” Retail and institutional services, as well as staking, are examples of such offerings.
The executive went on to say that Coinbase will tighten up its team’s discipline and strive for more efficiency:
“Lastly, I called on our teams to: rigorously prioritize core initiatives for highest impact, improve efficiencies, and ensure all our projects are set up for long-term success.”
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