Major Crisis in Bitcoin Exchanges: Purchases Stopped!

Bitcoin and altcoin exchange Coinbase has announced that it will extend the pause in its hiring process, citing current market conditions. Turbulent market conditions seem to be forcing many central cryptocurrency exchanges such as Gemini and Coinbase to announce cuts and changes to their hiring processes. Here are the details…

Market conditions strain Bitcoin exchange Coinbase

Turbulent market conditions are forcing centralized crypto exchanges like Gemini and Coinbase to announce cuts and changes to their hiring processes. Both exchanges have posted blog statements citing the current crypto winter and market conditions as the reason for making changes to their hiring processes. In a recent blog post by LJ Brock, Coinbase’s head of public relations, the exchange announced a few critical changes to its hiring process. The exchange will extend the hiring hiatus, citing current market conditions, and also cancel the “several accepted offers”.

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Coinbase had originally planned a two-week hiring pause as a strategy to reassess “hiring needs versus primary business objectives.” The blog also reiterated that the exchange needs to take “tight” measures to slow headcount growth and quickly adapt to current market tightness. The main idea was summarized in the blog post, “After evaluating our business priorities, current headcount, and open roles, we have decided to withhold hiring for as long as this macro environment requires.”

Accepted bids are also cancelled.

Coinbase will also rescind several proposals considered as a precaution to maintain workforce concentration for growth areas that require additional scrutiny and attention. According to the statements in the blog post, “Some offers will also be canceled for people who have not started work yet”. “This is not a decision we make easily, it is simply necessary to ensure we grow in our highest priority areas,” Brock concluded.

The current crypto winter phenomenon is leading several crypto exchanges to change their operating priorities. A crypto winter, defined as a prolonged period of stable trading following a price drop, could trigger a gradual meltdown period in which overall crypto trading slows down and remains stable for a period of time. Meanwhile, New York-based crypto exchange Gemini has decided to lay off 10 percent of its workforce to focus on critical stock market products in order to take part in the current market crisis.

Moreover As we have also reported, the cryptocurrency exchange Rain is reducing salaries while laying off many of its employees. Finally, Brazil-based Mercado 2TM behind Bitcoin and Mexico-based Bitso are also processing layoffs.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.