Emilie Choi, the Chief Operating Officer (COO) at Coinbase cryptocurrency trading firm today announced via a blog post, the exchange’s plan to pedal down on the recruitment of new workers in its different teams. Prior to the time of this public announcement, all Coinbase employees had been informed of the development.
Coinbase had started this year with the projection of expanding the company up to three times its size. The American exchange had set out plans to bring 2000 employees onboard across its teams. Exploring the possibilities in Web3.0, the exchange had intended to brace up for the huge future opportunities.
As time progresses, especially since the start of the year, there has been a downtrend in the crypto market and this has greatly affected the exchange’s business models. As such, Coinbase has chosen to prioritize its business goals above recruitment for the time being. The firm’s management has decided that the company should meet up with its business goals which is the highest priority of the exchange at present.
She asserted that the expansion of the Coinbase labor force is proportional to its financial model which had been designed to accommodate growth with some specific project. Nevertheless, the firm needs to prioritize its goals and maximize the available manpower.
Employees who have recently been hired will be incorporated into the system at this time. This move is also billed to speed up their growth process at the exchange and in turn, help Coinbase meet all its categorized business goals.
Emilie assured all of the exchange’s users through the blog post that there is no cause for alarm. She said the downturn will in no way change the growth paths of the company. The exchange has occupied a solid vantage position, therefore, plans to live through the downturn have been set in place and will gradually be rolled out.