- The 24-year-old was to join Coinbase in India. He has resigned from his previous job, but days before his start date, his offer was rescinded
As Coinbase Global Inc extends its hiring freeze for the foreseeable future, Gaurav Rawal, a 24-year-old software engineer from Bengaluru says his offer was rescinded days before his start date.
The 24-year-old was to join Coinbase in India. He has resigned from his previous job, but days before his start date, his offer was rescinded.
ALSO READ: Coinbase may slow on India hiring after announcing plans to triple headcount
However, the recruiter had reportedly assured him of his start date. “Even he [the recruiter] was clueless,” Rawal was quoted as saying by Bloomberg. “The whole Indian team was clueless on what’s happened.”
A hiring freeze could spell further trouble for growth at Coinbase, especially when it comes to global expansion. Two months back, Coinbase Chief Executive Officer Brian Armstrong hinted at a major hiring plan at its technology hub in India, tripling the headcount to about 1,000 within the year.
Coinbase has reportedly rescinded a number of accepted offers in order to deal with current macroeconomic conditions.
Coinbase earlier froze hiring for two weeks as fears of rising interest rates rocked the cryptocurrency market. Now, the crypto exchange has said that it will pause hiring “for as long as this macro environment requires.”
“We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways,” said LJ Brock, Coinbase’s chief people officer, in the blog post earlier.
The company’s stock is down more than 75% since its market debut last year through a direct listing.
Last month, the crypto exchange reported a 35% slump in total revenue to $1.17 billion for the three months ended March 31, missing analyst expectations and weighing on investor sentiment.
Founded in 2012, the crypto exchange offers a platform for users to buy and sell several cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin etc.
Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening.
With agency inputs
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