Coinbase closes doors to new hires

This hiring freeze tells us, loud and clear, that the crypto winter is not ready to thaw.

Coinbase hopefuls left out in the cold

The crypto crash continues to impact Coinbase and other top players. In a recent statement, the company confirmed the hiring freeze was extended indefinitely. L.J. Brock announced that they were putting a pause on hiring new talent AND rescinding job offers. Not ideal.

Clearly, we’re still knee-deep in a long and frosty crypto winter. Coinbase first slowed down its hiring in mid-May to give the company a chance to recover. But, with the market continuing to trend in the wrong direction, things are still looking less than rosy. Especially when you consider the super underwhelming response to the social NFT marketplace, which launched back in spring.

Canceled Coinbase contracts

Coinbase hasn’t dished the deets on exactly how many offers were rescinded, but Brock did share that anyone affected would benefit from a generous severance package. This package included access to a talent hub and career resources – interview coaching, resume reviews, and networking opportunities.

Still, some have been left struggling. All the coaching sessions in the world can’t match up to a steady salary. In fact, two people affected by the hiring turnaround report that they might lose their Operational Practical Training Visas. Ouch.

Brock said, “While we did not make this decision lightly, it is the prudent one given market conditions. We will continue to evaluate all of our options to responsibly navigate Coinbase through the current cycle.” But will this really be enough? Or will the bad taste left in the mouth of applicants linger, even if Coinbase manages to bounce back?