Coinbase Raises Eyebrows By Launching 'Talent Hub' for New Recruits Hit By Hiring Freeze
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Coinbase Raises Eyebrows By Launching 'Talent Hub' for New Recruits Hit By Hiring Freeze

3 months ago

It's hoped that recruiters will then scour this database and snap up professionals who no longer have a job to look forward to.

Coinbase Raises Eyebrows By Launching 'Talent Hub' for New Recruits Hit By Hiring Freeze

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Coinbase is trying to make amends after rescinding job offers because of a hiring freeze — but its solution is raising eyebrows.

The exchange has launched a Talent Hub where those affected by the "hiring changes" can add their names.

It's hoped that recruiters will then scour this database and snap up professionals who no longer have a job to look forward to.

The list itself reveals that Coinbase has slammed down on the brakes — and hard. Already, more than 320 people are named.

Professionals who currently work for the likes of Instagram, Amazon, Walmart and PayPal feature — specializing in everything from finance and engineering to design and marketing.

A number of those who had job offers withdrawn have reacted furiously to Coinbase's hiring freeze.

It's highly likely that some had already handed in their notice, or perhaps moved cities — and we know for a fact that one person may be unable to remain in the U.S. now the exchange has reneged on the offer.

'Corporate Mushery'

Unveiling the Talent Hub in a tweet on Tuesday, Coinbase had written:

"Following our recent hiring update, there are some exceptionally talented individuals looking for their next great role. Today we are launching the Coinbase Talent Hub to help connect these folks with those opportunities."

Inevitably, this hasn't gone down well with many in the industry. Dr Nick from Factory DAO wrote:

"So lemme get this straight, they paid one dude $600m to build an NFT marketplace and now they've got a jobs board for all the young talent they rugged at the last minute because they can’t afford it?"

Others were a little more blunt, with one posting: "Here's a list of all the people whose career we f***** up. Someone hire them please."

And Stephen Palley, a partner at Anderson Kill, blasted Coinbase for "corporate mushery" by using the phrase "hiring changes" in its tweet — and said the exchange should have been more honest: these were layoffs.

For what it's worth, not all exchanges are embarking on hiring freezes.

Sam Bankman-Fried, the CEO of FTX, has vowed that the trading platform's headcount will continue to grow.

His exchange has embarked on a cautious approach to hiring new professionals, and this relates to one of the first lessons he learned as a leader: "Make sure your team can mentor employees as fast as you can hire them."

SBF warned companies that grow their headcount by 10x aren't always rewarded with a 10x productivity boost — and there's a risk that, the more you hire, the less you get done.

He said FTX has 10% as many employees as rival exchanges, but punches above its weight when it comes to output. In a Twitter thread, he added:

"Because we hired carefully, we can keep growing regardless of market conditions… A lot of reporters have reached out asking if we're going to be scaling back. And our answer is the same as always: We're going to keep pushing forward."
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