Coinbase previously announced that it is freezing hiring but the latest news is that the company is rescinding employment offers. If you have accepted a job at Coinbase, it may be time to go back applying for other jobs, according to a report from Protocol.
The crypto market had gone from reaching for the moon to digging itself into the ground and it shows no signs of getting back up yet. With losses amounting to billions of dollars, every big investor is taking drastic steps.
Part of the stringent steps that Coinbase promised to take has now included canceling employment offers. While we are not certain of the legal fall out this could have, if any, the company is not just leaving people out to dry.
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Coinbase Chief People Officer LJ Brock explained that the company is creating a talent hub for everyone affected by its drastic actions. Besides that, it also promises to honour the severance packages that come with it defaulting on agreements.
According to engadget, the crypto firm was facing a $430 million loss before the crypto crash because of its 2021 ‘optimistic’ hiring spree while its revenue was dropping. As it stands, its stock has been cut down by 75 percent since December 2021.
While there is a general economic constraint everywhere with Netflix itself tightening operations and cutting costs, Coinbase is in a tighter situation. Its entire business model depends on crytpo prices going back up, unless its starts venturing into something entirely different to stay afloat and wait for crypto to bounce back.
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