In order to deal with present macroeconomic situations, US crypto exchange Coinbase Global Inc said last Thursday that it will prolong its hiring freeze for the foreseeable future and cancel a number of accepted offers.
Many people were taken off guard last week when they got an email from the largest US cryptocurrency exchange, which was billed as a stepping stone to a lucrative cryptocurrency profession.
“As we move beyond the initial logistics of Thursday’s announcement, we will be dedicating Coinbase expertise and resources to assist those impacted during this next phase – we are calling this Talent Hub,” the crypto exchange’s chief people officer L.J. Brock said, providing support and assistance to those impacted in the process.
Talent Hub, a public database for people, will serve as a talent directory (which will include Coinbase Ventures portfolio firms) to link people with other fantastic career possibilities. According to Brock, the company will also provide customized services. From its professional recruiters, such as resume evaluation, interview coaching, and introductions to VCs. Also, other crypto companies, and search agencies.
The situation is considerably worse for would-be workers. Who rely on work visas. Who account for a significant portion of the talent pool for technology employment in the United States. In response, Coinbase’s Brock said on Twitter. “We acknowledge this is a particularly difficult situation for those looking to either enter. Or stay in the US on work-related visas. Our team is reaching out to all candidates who have immigration considerations and will treat each case individually.”
1/ We acknowledge this is a particularly difficult situation for those looking to either enter or stay in the US on work-related visas. Our team is reaching out to all candidates who have immigration considerations and will treat each case individually.
— L.J. Brock (@LJBrock) June 7, 2022
He added that, in addition to the severance payouts. And job search assistance that the company will provide to all people affected. Moreover, they will also provide legal services to anyone who has visa-related concerns.
Emilie Choi, Coinbase ‘s President and Chief Operating Officer (COO), disclosed in a blog post on the firm’s hiring plans in early May that it will scale down hiring due to the current market downturn.
From around 1,700 full-time employees a year ago, the company has grown to 4,948 full-time employees. However, following widespread crypto-market falls, the company has put a hiring hold in place.