Coinbase exchange seems under tension because of the current downfall in the crypto market and its quarter revenue, where leading crypto assets are facing a huge downfall and huge volatility.
Coinbase is a leading crypto exchange, which is known to provide crypto services under a high compliance-based framework. Right now exchanges have hands in almost every country, where crypto trading is legal or allowed under the favorable situation. Right now the exchange is standing at 3rd rank, in terms of 24 hours global crypto trade volume contributor.
On 17 May, Coinbase announced through its blog update that the exchange will now focus on hiring leading & necessary positions.
Coinbase: Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals. Coinbase lost $420 million in the first quarter. Shares are down 75% year-to-date. https://t.co/bLbxg6qK58
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Coinbase Blog statement also noted that Coinbase exchange is currently under $420 million loss in the First Quarter of this year, so here exchange will take steps to focus on highest priority based businesses.
Current market situation & past thoughts of Coinbase
Since the beginning of this year, the crypto market started to face downfall because of the high panic level among crypto investors.
Bitcoin faced huge ups and downs at the $30k boundary. Recently Fed rate hike and the collapse of the Terra Ecosystem resulted in a very high panic and in that situation Bitcoin’s strong buy support at $30k faced correction many times. Even at the time of writing this article, the price of Bitcoin is $29,173 and this price is 2.81% down from the last 24 hours’ trade price.
When Terra’s native tokens UST and Luna faced termination of trade support at multiple exchanges, the crypto market started to recover to a better extent. Now it seems that bitcoin is going to trade at a level of $30k for the long term.
In the last earning calls speech, Coinbase CEO Brian Armstrong stated that Coinbase will no more face significant downfall in revenue because current market situations are much better, where crypto assets are no more limited to trade purposes, so Coinbase was not expecting to face crypto winter.
Read also: Two Israeli credit card firms will provide Bitcoin buy & reward support
Coinbase slow downs Its hiring spree because of the critical market situation
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