Crypto crash effects: ‘scary’ market recession forces Coinbase to slow down

The ongoing crypto market downturn has apparently forced the crypto exchange Coinbase to halt plans to triple its headcount this year. The company said on Tuesday (May 17, 2022) that it was “slowing down recruitment to ensure we are in the best position to succeed in the current market downturn and beyond.”

In an official blog post, Coinbase said, “This year, we plan to triple the size of the company. Given the current market conditions, we think it’s prudent to slowly assign and re-evaluate our headcount needs against our top-priority business goals.”

Coinbase, one of the largest crypto exchanges in the world, said the current recession would force it to tighten its priorities.

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However, Coinbase claims that it is ready for all market conditions.

“It simply came to our notice then. But as we said at town hall last week, we plan for all market conditions, and now we’re starting to practice some of those plans, “the blog said.

Recently, Coinbase also announced plans to hire 1000 employees in India.

The global crypto market cap has fallen to $ 1.31 trillion while traditional markets are also crashing globally. Billions of dollars worth of crypto investors have already lost money in the last few days of the crypto market crash.