Coinbase is drawing a halt in the hiring efforts. Chief people officer L.J. Brook has announced that Coinbase has stopped hiring new employees and discontinued several job offers made by the company. They have said, “Current market conditions and ongoing business prioritization efforts,” are the reason for their sudden decision.
Coinbase is a powerful crypto-economy-based financial system. Several customers have discovered the world of crypto through Coinbase. However, a current downtrend in the cryptocurrency market left the company immobile. Coinbase started very slow hiring efforts in mid-May but now they have stopped completely.
Coinbase also launched the social NFT marketplace in May. On the first 19 days of its launch, the gross sales amounted to 875,000 Dollars but it gradually declined to 46,000 Dollars per day, according to data from Bune Analytics.
The NFT sales are also declining and retreating to 19,000 sales per week at the beginning of May, in opposite to the 225,000 NFT sales in September 2021.
The gradual change at Coinbase has left several employees struggling.
Coinbase planned to hire 2,000 employees in 2022 for foreseeing enormous future product opportunities. They even hired two individuals but expressed the market conditions in the mail, which left them confused and frustrated.
However, the condition in the cryptocurrency market left the company with a hiring freeze while other companies remain in the blockchain.
Coinbase sent a welcome email to new hires 2 weeks ago promising that they won't rescind offers (1st image).
Yesterday, they sent the rescind emails (2nd image) leaving candidates in frustration.
We have a referral thread going on to help those who were impacted 👇 pic.twitter.com/lIQe0ph4rk
— Blind (@TeamBlind) June 3, 2022
