The fluctuation in the cryptocurrency markets also disrupted the plans of large companies. The largest Bitcoin exchange in the USA, Coinbase, announced that it will slow down purchases as it sees a wide decline in the crypto money market.
Emilie Choi, director of operations at Coinbase, said in a note to employees that they will slow down hiring.
“We are slowing down hiring so we can rescale our hiring needs to meet our business goals.”
Choi cited the current market recession and what might happen afterward as the reason for this move.
“This move is to ensure our business is in the best position during and after the current market downturn. Market downturns can feel scary, we’re planning all market scenarios and now we’re starting to put some of those plans into action.”
Coinbase announced plans to triple its staff earlier this year. The recession in the market caused Coinbase to change these plans as well.
Choi’s note comes after Coinbase’s first-quarter report, which reported a loss of $430 million.
Have investors found a bottom in Bitcoin? Are we rising from here? Is this move, which comes in the days when he asks his questions, is Coinbase preparing for a harder bear market? It gave rise to questions.