BENGALURU: Nasdaq-listed crypto exchange Coinbase says it will go slow on hiring so it can reprioritise its hiring needs against highest-priority business goals. This comes at a time when all major tokens are bleeding red.
Emilie Choi, President and chief operating officer of the crypto exchange, said, “Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals.”
Choi said in a blogpost that headcount growth is a key input to its financial model. “This is an important action to ensure we manage our business to the scenarios we planned for, specifically the potential Adjusted EBITDA we are aiming to manage,” the crypto exchange said.
Coinbase launched its operations on April 7 in India, and Coinbase Ventures has already invested $150 million in Indian technology companies in the crypto and Web3 space. Coinbase’s Indian tech hub was launched in 2021, and has over 300 full time employees.
Earlier in April, Coinbase CEO and co-founder Brian Armstrong said the exchange will continue to invest in its India hub. “We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone,” he had said.
Meanwhile, Indian crypto exchange WazirX in the second edition of its bi-annual transparency report said it received 1,023 requests from law enforcement agencies (LEA) between October 2021 and March 2022. Of the total, 952 were from Indian LEA and 71 from foreign agencies, and all these requests were criminal in nature, it said. In its report, WazirX said 95% of crypto-associated frauds occurred outside the blockchain ecosystem.
Coinbase investments and operations in India
Coinbase launched its operations on April 7 in India, and Coinbase Ventures has already invested $150 mn in technology firms in crypto and Web3 space. Its India tech hub was launched in 2021, and has over 300 full-time employees