Coinbase Technologist Hiring Enters a Deeper Freeze

Two weeks ago, crypto exchange Coinbase indicated it would slow hiring and “reassess” its headcount needs. Now the company is taking even more drastic measures, including a hiring freeze and rescinding some accepted job offers.

“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,” L.J. Brock, the company’s Chief People Officer, wrote in a corporate blog posting.

In terms of Coinbase rescinding the accepted offers, Brock added: “This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas.”

Like some other companies in the midst of layoffs and/or a hiring freeze, Coinbase is also offering support to those impacted. A “talent hub” will offer “job placement support, resume review, interview coaching and access to our strong industry connections.”

The cryptocurrency market, always volatile, has undergone a seismic shift in the past few months. Some longtime cryptocurrencies, such as Bitcoin, lost significant value; others, such as Luna or the “stablecoin” Terra, imploded entirely. While many pundits and analysts remain optimistic about the long-term future of crypto, the market lost at least a trillion dollars in paper value by late May.

However, many technologists continue to believe in the technologies at the foundation of the cryptocurrency market. Last year, responding to a Stack Overflow survey, some 38.56 percent of developers said that blockchain was “all hype,” while 61.44 percent said that it was a “game changer.” Among those who haven’t developed with blockchain, some 61.85 percent of them want to, while 38.15 percent said they had no interest. In addition to cryptocurrency, many technologists think that blockchain technology could prove essential to “smart contracting,” cybersecurity, and other vital fields.