Coinbase scraps plans to expand staff this year

Emily Choi, COO of Coinbase, said the firm will slow its expansion to “rebalance hiring needs based on business priorities.”

According to statement According to the Coinbase blog, recruiting specialists for the company’s goals has long been a priority, but now the exchange must take care of integrating employees into business processes. According to Emilie Choi, “Now is the time to make sure the company fully integrates all newly hired employees to ensure their success at Coinbase.”

“At the beginning of this year, we planned to triple the staff of the company. Given the current market conditions, we believe it is prudent to slow down hiring and reassess our headcount needs in line with our highest priority business objectives,” Choi said.

Headcount growth has always been a key input to the company’s financial model, she says, and is an important move to ensure the business is managed in line with the planned scenarios, in particular the potential adjusted earnings before interest, taxes and depreciation (EBITDA) that the company seeks to manage. Coinbase.

“We know that these are troubled times and that market downturns can be scary. But, as we said last week at City Hall, we are planning all market scenarios, and now we are starting to put some of those plans into action. We have a strong position, a solid balance sheet, we have already experienced several market downturns, and each time we have become stronger,” she said.

Recall that on Monday the exchange’s shares closed at $61.7, which is 80% less than on the first day of trading in April last year. The fall in securities is likely due to the turmoil in the crypto market after the collapse of the UST last week. This was followed by a drop in all major cryptocurrencies, with Bitcoin falling below $30,000.