Coinbase is reducing its employment efforts. In a message published on Coinbase’s website, chief people officer L.J. Brock revealed that the company is halting new hires and rescinding some job offers already accepted by potential employees, citing “current market circumstances and continuing business priority initiatives.”
The decision comes as the cryptocurrency market continues to fall, pulling with it the ostensibly immovable stablecoins, which are linked to a fiat currency or commodity. Coinbase began slowing recruiting in mid-May to ensure the firm is “best positioned to flourish through and after the current slowdown,” but this decision fully halts hiring.
According to Brock, the freeze will also effect backfills, or personnel recruited to replace workers who leave the organisation. However, it does not include employees recruited to work in “security and compliance.”
Coinbase is also dealing with a disappointing reaction to its social NFT marketplace, which was widely introduced in May.
According to Dune Analytics data accessed by The Motley Fool, 4,132 customers acquired an NFT on the site within 19 days of its introduction, with gross sales totaling $875,000, or $46,000 per day on average. It doesn’t help that NFT sales are dropping overall, with weekly sales dipping to around 19,000 in early May, compared to 225,000 in September.
To read our blog on “Deepak Chopra: Crypto is in a state of flux, but investors shall keep a long-term perspective,” click here.