Emilie Choi, president and chief operating officer of leading U.S.-based exchange Coinbase, posted a notice that may sound alarming for investors
Chinese journalist and blockchain insider Colin Wu noticed that Coinbase President and COO Emilie Choi posted an update on her platform’s hiring policy.
Coinbase slows hiring to “reassess headcount needs”
Today, May 17, 2022, Mrs. Choi decided to publish the letter that had been previously shared with Coinbase’s employees. It covers the major shift in hiring policy for Coinbase amid the ongoing market downturn.
According to the document, the company has decided to slow down its hiring activity and reassess its staffing needs. Since workforce growth is a sensitive metric for Coinbase’s business development, this announcement is crucial for every Coinbase growth scenario.
At the same time, Mrs. Choi added that the mentioned changes “are not expected to have any material impact” on the expense outlook for the year 2022.
Before the onset of the crisis, the company planned to triple in size. In 2021, its net number of employees was over 3,700.
This statement might sound alarming, but Mrs. Choi highlighted that Coinbase is “in strong positions” and underwent several market downturns before.
COIN price finds support at $60, down 82% against ATH
On May 14, 2022, Coinbase turned 10; it is one of the oldest and most popular exchanges for institutional and retail users. As covered by U.Today previously, Coinbase grabbed headlines with its controversial disclosure about the alleged seizing of user funds.
In Q1, 2022, the exchange posted a whopping $430 million net losses; its NASDAQ-listed COIN shares plummeted to an all-time low at $45.
As of press time, the token is struggling to stay above $60. COIN’s record price was recorded in mid-November 2021, at over $357.
