Coinbase changes recruiting strategy amid crypto market recession

Photo - Coinbase changes recruiting strategy amid crypto market recession
The Coinbase exchange, one of the TOP-3 of the world’s largest cryptocurrency exchanges, announced a change in its recruitment strategy. The reason for the review of the previously planned recruiting scale was the market recession.
In her message on the company’s official website, top manager Emilie Choi announced a forced decrease in the recruitment rate of specialists and a reassessment of the need for them, considering priority business goals. If at the beginning of 2022 the exchange was going to increase the staff by about three times, today, there is no need to talk about such perspectives. The main goal of changing the recruiting strategy is to achieve the profit forecast set for investors, regardless of external circumstances. It’s worth noting that it’s not just about the 80% drop in Coinbase shares amid the recent collapse of TerraUSD and LUNA. According to the report for the first quarter of 2022, the company has already incurred a loss of $430 million. This situation results from a decrease in trading activity, which determines most of the platform's income. The submitted report also contained information about the possible loss of funds by shareholders in the event of the exchange’s bankruptcy. It caused a strong resonance, but Brian Armstrong, CEO of the exchange, hastened to reassure users on his Twitter account. In his statement, it was said that there were no preconditions for the company’s bankruptcy. But at the same time, the possibility that the court will consider users’ digital assets as part of the exchange when conducting the relevant procedure remains.