Coinbase, the third-largest crypto exchange has joined a long list of tech companies that are putting their hiring plans on hold until further notice.
Emilie Choi, Coinbase’s president and COO wrote in a post on the company’s website, “Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals.”
Coinbase, the company which depends on trading activity for most of its revenue, reported a loss of $430 million during the first quarter of 2022.
The financial markets are not looking good at the moment hence many tech companies are putting their hiring plans on hold while some are cutting back and retrenching staff members.
Why? Both crypto and tech stocks have tanked in the past month as investors move out of “riskier” investments.
“Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount”, said Coinbase’s COO.
Shares of Coinbase are down 70% in 2022.