Cryptocurrency exchange Coinbase seems to have abandoned its plan to triple its headcount this year due to turbulent market conditions for now.
Emilie Choi, president and chief operating officer of Coinbase, said in a blog post Tuesday that the firm will slow down hiring to “re-adjust our recruiting needs to our highest priority business goals”:
“Going into this year, we planned to triple the size of the company. Given current market conditions, we consider it prudent to slow down hiring and reassess our staffing needs based on our highest priority business goals. Headcount growth is a key input to our financial model, and it’s an important action to ensure we manage our business according to our planned scenarios.”
The decision comes amid turmoil in crypto markets following last week’s phenomenal collapse of TerraUSD (UST), the crypto industry’s third-largest stablecoin. Major cryptocurrencies fell, with Bitcoin falling below $30,000 last week for the first time this year.
Shares in Coinbase, which went public through a direct listing last year, also fell to new lows last week after a meager first-quarter earnings report.
