- Last two weeks, Coinbase announced a freeze of its incoming job hiring.
- The hiring pause was extended and the company has rescinded numerous job offers.
- The decision was due to the current market crash and ongoing business priority efforts.
Crypto exchange Coinbase has extended its hiring pause for a wide range of roles and revoked a number of accepted offers, according to the statement announced in public by the exchange.
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The action, which expands the hiring pause two weeks ago, is in response to the crypto market crash in the beginning of 2022. Coinbase Chief People Officer L.J Brock said:
“While we did not make this decision lightly, it is the prudent one given market conditions. We will continue to evaluate all of our options to responsibly navigate Coinbase through the current cycle.”
The company extended the hiring pause after assessing their business priorities, current headcount, and open roles. The hiring pause will also incorporate backfills or refilling of open positions except for “mission-critical work,” such as security and compliance.
Coinbase has sent an email to all incoming hires and rescinded a number of pending offers for applicants who have not started yet.
Some applicants shared that Coinbase sent them a welcome email and promised that they won’t rescind offers. However, in a tweet shared by Team Blind, Coinbase abandoned their promise and proceeded to rescind these applicants.
Another applicant named Ashutosh Ukey shared via Linkedin how devastated he was for letting PhD offer and other opportunities slip away, in addition to possibly losing his US visa.
Brock said the company is “establishing a talent hub to allow them to opt-in to receive additional support services including job placement support, resume review, interview coaching and access to our strong industry connections.”
Although Coinbase acknowledged and said they will take responsibility for the experience of those affected, the rescinded applicants couldn’t take back the opportunity lost along the process.
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