As the cryptocurrency winter intensifies, the cryptocurrency exchanges Coinbase and Gemini have put off their hiring policies.
The biggest centralized crypto exchange Coinbase has put a hold on the hiring of new and backfill positions for the foreseeable future. It will also withdraw the number of offers the company has recently made and offered but the forthcoming positions are yet to be filled.
One of the officers of Coinbase told in a statement that the decision was the outcome of the current market volatility. In the last month, the exchange has shown signs of its plan to slow down the hiring in order to manage the crypto market downturn hit by macroeconomic volatility.
On the other hand, Gemini, another prominent crypto exchange has made a mind to cut off the number of employees on its books. A letter shared with the team of the exchange revealed that the exchange would be releasing 10% of its employees due to the turbulent cryptocurrency climate.
Founders have termed this contraction period of the cryptocurrency world as a “Crypto Winter”.
The term ‘crypto winter’ refers to the long downward trend of the crypto market that is now restricting the enthusiasm of the industry.