SAN FRANCISCO (KCBS RADIO) – A cryptocurrency company founded in San Francisco has sent emails to job candidates withdrawing their job offers that they have already accepted.
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On Thursday, L.J. Brock, Coinbase's Chief People Officer wrote in a blog post that the cryptocurrency company was revoking some job offers and is pausing the hiring process. He said it is because of "the current market conditions and ongoing business prioritization efforts."
During a Q1 earnings call, the company discussed that employees and other expenses were the best way to manage costs, the blog post said. The business hopes to slow the "headcount growth" and focus on top-priority business goals.
Coinbase takes full responsibility for those impacted by the revoked offers and wants to try to help them find other job accommodations. They have created a "talent hub" to help those with job placement support, resume review, and interview coaching and help them gain connections in the industry, the blog said.
"We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways," Brock said in the blog post. "If we're flexible and resilient, and remain focused on the long term, Coinbase will come out stronger on the other side."
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