In a memo posted on the official website, LJ Brock, chief personnel officer of coinbase, announced a message that frustrated countless job seekers According to the priority arrangement of the ongoing business and the current market conditions, the company will suspend the recruitment of new employees and withdraw several original job opportunities Obviously, the cryptocurrency crash in the past month or so has made the cryptocurrency industry generally feel cold.
The "big event" in the currency circle in May this year was undoubtedly the market panic caused by the breakaway of terrausd (UST) stable currency from the US dollar. As a result, Luna, a sister currency linked to UST, became almost worthless, and finally led to the terra community voting to decide on a hard forked blockchain.
Now, LJ Brock has explained in the recently updated official blog post that coinbase began to slow down recruitment in mid May to ensure that the company can survive this downturn in the cryptocurrency industry.
However, according to the revelations on LinkedIn and other social media, coinbase has completely frozen the recruitment of new employees, and even affected the job candidates originally used to fill the job vacancies of former employees (the recruitment of safety regulations has not been affected yet).
At the same time, coinbase is also trying to play down the mediocre response of its social NFT market launched in May. The Motley Fool quoted dune analytics data as saying:
Within 19 days after the platform went online, 4132 people once conducted relevant transactions in the coinbase social NFT market, with total sales reaching US $875000, equivalent to US $46000 per day.
Even so, coinbase is still unable to recover the overall decline of the NFT market by itself - the sales volume was 225000 in September last year, and only about 19000 in May this year.
Two weeks ago, I was "welcoming new recruits"
It is not clear how many jobs coinbase has canceled, and the company did not immediately respond to requests for comment from theverge and other foreign media.
Even so, coinbase has given quite "generous" Severance compensation to guide employees to seek help through resource rich talent centers, including interview guidance, resume review and exchange opportunities.
Half a month later, he sent an email to inform him that "the situation has changed"
As part of its plan to recruit 2000 employees in 2022, coinbase said it foresaw the huge future of Web3.
In 2022 Q1 alone, its latest earnings report also disclosed that 1218 employees were added, reaching a total of 4948.
Furious Software Engineer
However, the policy changes of coinbase also put some potential employees in trouble. At least two people said they might lose their opt visa due to the withdrawal of their offer.
LJ Brock wrote in the letter: although it was not an easy decision, considering the current market situation, they were forced to adopt a cautious contraction strategy.
At the same time, the company will continue to evaluate all options to more responsibly guide the future development of coinbase in the current market cycle.
In fact, in addition to coinbase, other blockchain companies are also actively shrinking their strategies. For example, Gemini exchange (backed by Cameron and Tyler Winklevoss twins) also announced a 10% layoff.
Rain, a large cryptocurrency exchange in the Middle East, also laid off dozens of employees, and Jim Chanos, a famous short seller, attacked coinbase for being seriously overvalued in the crypto critics corner podcast last week.
Finally, coinbase shares fell 9.7% after the announcement of the indefinite recruitment freeze on Friday.