Gabrielle Cook
With the ongoing market downturn problem in the crypto world, some problems arise in the recruitment of players who have an important place in the industry. Faced with this situation, Coinbase company decides to slow down its planned expansion to create new jobs. According to the latest developments, these situations continue with the announcement of the bad financial results in the first quarter of 2022.
The Coinbase company was moving forward intending to triple the size of its company earlier this year. However, when the conditions of the market were like this, it decided to slow down the hiring. He also explained that the needs of the number of employees should be determined according to the priority business objectives. For this reason, there is a re-evaluation of recruitment.
Emilie Choi, President of Coinbase company, made some statements on this subject. In her statement, she stated that the increase in the number of employees is very important for the financial model. However, she added that they focus on realizing it as a more careful and important action according to the planned scenarios and targeted potentials. According to Emilie Choi, the recession in the market together with the situations in the market has created a situation of concern for everyone. For this reason, she also explained that the stock market is making preparations for various market scenarios, as the developments in the market cause concern. She explained that by putting some of these scenarios into practice, they progressed by making the best plans for their companies.
What are the Latest Situations with Market Declines at Coinbase?
An important issue was also mentioned in the statements made by the Coinbase manager. This important issue is to be meticulous in the priority of the resource. Important decisions continue to be taken to proceed in a meticulous and planned manner with the priority of welding. In this way, the company aims to come out of the difficult cycle more extremely.
Along with Coinbase, there are many major industry players in the market. However, it is not clear that these players will make similar statements in the future. Also, with the ongoing slowdown in the market, the potential impact on Binance’s hiring for this year and beyond is being questioned. In this regard, Simon, the European PR Director, who is in charge of the crypto exchange, stated in his statement that there is no effect on their recruitment plans.
In addition to these explanations, Coinbase closed the first quarter of this year with 9.2 million monthly trading users (MTU), which was determined as approximately 11.4 million in the previous quarter of 2021, following the shareholder letter of the stock market in the first periods of 2022. . It also revealed its completion with a total transaction volume of US$ 309 billion, up from US$ 547 billion in the fourth quarter of last year.
With these poor results seen, the company’s quarterly income has come to the fore, with a net loss of US$430 million against a net gain of US$840 million in the fourth quarter of 2021. How long these situations will last and what developments will occur with the effect of the market cannot be predicted.
Therefore, as the market downturns continue, many companies such as Coinbase may face bad results. However, companies have made statements that they will change this situation together with their plans and goals and stated that their companies will make more progress in the future.