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Nasdaq-listed cryptocurrency exchange Coinbase Global Inc is tapering down its plans to hire more staff this year as current market realities do not permit it.
According to a blog post from Emilie Choi, the company’s President and Chief Financial Officer, the move is necessary in order to let the company prioritize what truly matters so that the exchange, dubbed America’s largest, can exit the current harsh market realities better and stronger.
“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,” she said, adding that the firm is being rigorous with its “resource prioritization so we can emerge from this down cycle even stronger than we are today.”
Despite the fact that Coinbase considers growing its workforce as a yardstick for growth, it said the current market realities have pushed it to reassess its hiring needs. Emilie pointed out a green light in the decision as it will afford the company to let those already hired to be properly integrated into the firm’s corporate culture.
Coinbase made history when it became the first mainstream centralized cryptocurrency exchange to go public via the direct IPO route back in April 2021. A year down the line, the company has lost a massive chunk of the valuation of its shares and is down by 74% in the year-to-date period.
Per a Reuters report, the company has seen an exodus of some of its top investors, including Azora Capital, Jupiter Capital, and Yarbrough Capital, all of which dumped the company’s shares before the massive selloff the firm experienced in May.
Despite this harsh reality, Emilie Choi reassured that the company is in a good place with a solid balance sheet. She is optimistic that the firm will survive this current onslaught as it has weathered the storm through past market downturns.
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