Coinbase announced earlier this week that it will pause hiring and cancel several job offers. The cryptocurrency company said it might be put to test by volatility and larger economic factors.
Coinbase's decision has left hopeful candidates in limbo. One of them, a college graduate, told CoinDesk that they were set to start their job in September.
“Now I’m scrambling to get something and most companies are either filled up or frozen hiring,” they said.
The candidate had passed on three job offers to come work for Coinbase -- considered a stable cryptocurrency company.
Another person was about to quit his Wall Street job for Coinbase but, fortunately, came to know about the development in time.
A third candidate said their joining date was June 6, just three days after the company announced hiring freeze and cancellation of job offers, CoinDesk reported.
Coinbase had announced that it would offset the financial impact of its decision on the candidates.
It added: "To further support impacted individuals, we are establishing a talent hub to allow them to opt-in to receive additional support services including job placement support, resume review, interview coaching and access to our strong industry connections."
Coinbase Chief People Officer LJ Brock had expressed hope that the company would emerge out of its difficult phase.
Coinbase's stock has fallen over 75 percent since it made a market debut in 2021, news agency Reuters reported.
(With inputs from Reuters)
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
| 1W returns-3.68% |
| 1W returns-3.87% |
| 1W returns-4.10% |
| 1W returns-6.06% |
| 1W returns-7.56% |
| 1W returns-12.32% |
| 1W returns-13.66% |
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
