- Crypto exchange Coinbase will be extending its hiring pause citing the current market conditions.
- New York- based crypto exchange Gemini has also decided to lay off 10% of its workforce to focus on critical exchange products.
The turbulent market conditions are forcing central crypto exchanges like Gemini and Coinbase to announce cutbacks and changes in their recruitment processes.
Both the exchanges issued updated blog statements on July 2, citing the current crypto winter and market conditions as the reason to make changes in their recruitment processes.
Coinbase To Pause Hiring New Recruits Citing The Current Market Conditions
In a recent blog post penned by the Chief People’s Officer LJ Brock, Coinbase has announced several critical changes in its hiring process. The exchange will be extending its hiring pause citing the current market conditions and will also rescind “several accepted offers.”
Coinbase had initially planned a two-week hiring pause as a strategy to reassess its “hiring needs against priority business goals.” The blog further reiterated that the exchange needs to take “stringent” measures to slow its headcount growth and adapt quickly to navigate the current market crunch.
“After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro-environment requires.” The blog post later added.
Coinbase will also be rescinding several accepted offers as a measure to keep the workforce concentration directed towards growth areas that need additional supervision and attention.
“We will also rescind several outstanding offers for people who have not started yet. This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas.” The blog further stated
Crypto Exchange Gemini To Lay Off 10% Of Its Workforce
New York-based cryptocurrency exchange Gemini has also revealed plans to modify its existing workforce in light of the ongoing crypto winter phenomenon.
In an extended blog post written by the CEO and President of Gemini, Tyler Winklevoss, and Cameron Winklevoss, the company announced further details adding that it will cut its workforce by nearly 10% to focus on critical areas for future growth. The firm has also instructed its team leaders to concentrate on “products that are critical to their mission,” by ensuring that the team’s headcount is right to promote future growth and development.
The company further revealed its reason for the planned cutback, citing the current crypto market turmoil and conditions as primary reasons driving its decision to slash its workforce by 10%.
“This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as “crypto winter.” This has all been further compounded by the current macroeconomic and geopolitical turmoil.” The blog later added
The current crypto winter phenomenon is leading several crypto exchanges to modify their work priorities. Described as a prolonged period of flat trading following a price crash, the crypto winter can trigger a period of gradual meltdown where general crypto trading slows and remains flat for a particular period of time.