The most relevant crypto exchange in the world, Coinbase, recently paused new hiring and limited itself to publishing new job opportunities. Reportedly, the multinational company would be blaming the situation that cryptos are currently going through to make drastic decisions.
Coinbase, founded by business executive Armstrong Brian and entrepreneur Ehrsam Fred in 2012, is remembered as one of the most valued exchanges in the crypto industry. Although the trading platform has lost prestige in recent years, it still retains great value for fans of the virtual market.
The exchange manager revealed the reason for pausing new hires
According to Brock LJ, general manager within the Coinbase Exchange, new hires have been stopped due to the crypto crash, and the company needs to renew its way of working. However, Brock emphasizes that the Exchange, like other crypto firms, has had unfavorable months due to the volatility that cryptos show.
The financial news magazine CNBC indicates that the company lost more than 20 percent of its compensation in the year’s first quarter.
On the other hand, Bloomberg indicates that the firm has around 5,000 workers, representing an increase of more than 150 percent compared to its employees in 2021. This would represent a contract cost of more than $1.7 billion this year. With over six months of experiencing a bearish streak in crypto trading, it is no wonder that Coinbase, Gemini, and other exchanges are trying to reduce their payroll.
Workers at Coinbase are dissatisfied with the new reform
The digital media company Insider further explored the new reform at Coinbase, managing to interview a dissatisfied employee. According to the worker, who chose to remain anonymous, he was fired long before he showed up on his first day of work. At the moment, Coinbase has not commented on the accusation.
Meanwhile, all crypto trading continues to downtrend, with Bitcoin trading below $30,000. But according to crypto experts, this drop is likely to represent a boost experienced by the entire virtual market.
In another instance, developments in NFT trading and the Metaverse continue to advance, giving slight hope that the entire virtual industry will recover. The second half of the year could give the virtual market a favorable turn, which would increase the cryptos price, which, for now, is declining.