Global Crypto Market

  • Market Cap: $1,110,706,964,816.06
  • 24h Vol: $82,027,957,057.28
  • BTC Dominance: 39.40%

Top crypto exchange Coinbase freezes hiring, revokes accepted offers – Business Standard

Online payments | cryptocurrency | UPI transactions
IANS  |  New Delhi

Leading crypto exchange Coinbase, which halted payments via unified payments interface (UPI) mode on its app in India in April, on Friday announced to pause hiring for as long as the global macro-economic factors remain in place.
The company also revoked accepted offers from some candidates who haven't joined it yet.
"After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires," LJ Brock, Chief People Officer at Coinbase, said in a statement.
The extended hiring pause will include backfills, "except for roles that are necessary to meet the high standards we set for security and compliance, or to support other mission-critical work", he added.
The crypto exchange paused hiring two weeks back and now, it has become evident that "we need to take more stringent measures to slow our headcount growth".
The company will also rescind a number of outstanding offers for people who have not started yet.
"This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas. Limited exceptions apply and will be managed by the same criteria as backfills. All incoming hires will be advised of their updated offer status by email," Brock informed.
Admitting that crypto would be volatile, but that "volatility alongside larger economic factors may test the company, and us personally, in new ways".
Coinbase CEO Brian Armstrong in May revealed that it quit India operations owing to "informal pressure" from the Reserve Bank of India.
"There are elements in the government there, including at the Reserve Bank of India, who don't seem to be as positive on it. And so they — in the press, it's been called a 'shadow ban', basically, they're applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI," Armstrong told analysts during the company's earnings call.
The crypto exchange reported its first net loss as a public company of $430 million in the first quarter this year.
The exchange had launched its crypto trading services in India on April 7.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Business Standard
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of “Business Standard Premium Services”
As a premium subscriber you get an across device unfettered access to a range of services which include:
Business Standard
Premium Services
In Partnership with Fis Logo
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard


Leave a Comment

Your email address will not be published.