Coinbase drops aggressive hiring plans as crypto market sees a downturn
India Today
Coinbase announced through a new blog post that it is slowing down the hiring process globally, including in India, amid the downturn cycle of the cryptocurrency market.
Coinbase announced through a new blog post that it is slowing down the hiring process globally, including in India, amid the downturn cycle of the cryptocurrency market. The company also said to reassess its headcount needs against its highest-priority business goals.
“To ensure we’re best positioned to succeed during and after the current market downturn, we’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals,” the company noted in the blog post.
“Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals. Headcount 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, specifically the potential adjusted EBITDA we are aiming to manage to,” Coinbase noted in the blog post.
"Importantly, now is the time to ensure we are fully integrating all recent hires — so we can ensure that they are successful at Coinbase. This slow down will also force us to be more rigorous in our prioritization," the blog post added.
In April, Coinbase announced hiring 1,000 people in the India hub this year. The company launched its Indian tech hub in 2021, which currently includes more than 300 employees. Recently, Coinbase CEO Brian Armstrong also assured that the crypto exchange will continue to invest heavily in the India hub.
Coinbase last week suspended its UPI payment method due to “informal pressure from RBI”. The exchange is currently working with the RBI and plans to return to India with other payment systems very soon. The exact return timeline hasn't been confirmed yet.
To recall, the crypto exchange platform launched its operations in India earlier this month in Bengaluru. Soon after, the National Payments Corporation of India (NPCI) issued a statement saying it is “not aware of any crypto exchange using UPI”. Since then, Coinbase has witnessed a massive dip in its overall trading volumes.
