{"id":4233,"date":"2022-05-18T09:01:50","date_gmt":"2022-05-18T09:01:50","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=4233"},"modified":"2022-05-18T09:01:51","modified_gmt":"2022-05-18T09:01:51","slug":"coinbase-to-slow-hiring-and-expansion-due-to-market-downturn","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4233","title":{"rendered":"Coinbase to slow hiring and expansion due to market downturn"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p class=\"p1\">Coinbase announced today that it will slow its hiring process this year and reassess its headcount as it struggles with the market downturn.<\/p>\n<p class=\"p1\">Emilie Choi, the president and COO of Coinbase, said that the company wants to focus on other business goals it deems to be of the \u201chighest priority.\u201d<\/p>\n<h2 class=\"p3\">Coinbase won\u2019t be tripling its headcount<\/h2>\n<p class=\"p1\">The current market volatility has affected everyone in the industry, and not even its most prominent players have remained immune to the chilling conditions. Coinbase, the largest cryptocurrency exchange in the U.S., took a heavy hit when the markets went red and will be taking a step back from its expansion plans.<\/p>\n<p class=\"p1\">Coinbase\u2019s president and COO Emilie Choi said that the company will be slowing hiring in an update to employees. Choi explained that the company decided to prioritize its resources.<\/p>\n<p class=\"p1\">In April, Coinbase announced plans to triple the company\u2019s size and take on a more significant part of the global market, most notably India. This was in line with the company\u2019s plans from earlier in the year when they announced they will be hiring over 2,000 employees globally.<\/p>\n<p class=\"p1\">Brian Armstrong, the CEO of Coinbase, said that half of those employees will come from India, where the exchange planned on setting roots this spring.<\/p>\n<p class=\"p1\">However, regulatory uncertainty in the country, last quarter\u2019s significant loss in revenue, and a broader market downturn forced the company to reevaluate its expansion strategy and slow down its hiring efforts.<\/p>\n<p class=\"p1\">The company also said that it will be \u201creassessing its headcount,\u201d but failed to reveal further details as to whether or not it will be laying off employees.<\/p>\n<p class=\"p1\">\u201cHeadcount growth is a key input to our financial model, and this is an important action to ensure we manage our business to the scenarios we planned for,\u201d Choi said in the company\u2019s update to employees.<\/p>\n<p class=\"p1\">Instead, the company will focus on fully integrating all recent hires and prioritizing its operations.<\/p>\n<p class=\"p1\">Choi noted that while market downturns can feel scary to users and investors, the company already has plans in place for every market scenario\u2014and this is no exception.<\/p>\n<p class=\"p1\">\u201cWe plan for all market scenarios, and now we are starting to put some of those plans into practice. We\u2019re in a strong position \u2014 we have a solid balance sheet and we\u2019ve been through several market downturns before, and we\u2019ve emerged stronger every time.\u201d<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/coinbase-to-slow-hiring-and-expansion-due-to-market-downturn\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase announced today that it will slow its hiring process this year and reassess its headcount as it struggles with the market downturn. Emilie Choi, the president and COO of Coinbase, said that the company wants to focus on other business goals it deems to be of the \u201chighest priority.\u201d Coinbase won\u2019t be tripling its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-4233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4233"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4233\/revisions"}],"predecessor-version":[{"id":4235,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4233\/revisions\/4235"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4234"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}