Coinbase’s stock is down about 80% from its IPO price, however, it’s worth noting that the company’s top line has already been impacted by a drop in crypto trading volumes since the beginning of the year. The corporation, which derives the majority of its revenue from trading, recorded a $430 million loss in the first quarter of 2022.
Emilie Choi, Coinbase’s president, and COO 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.”
The news comes as cryptocurrency markets took a beating more broadly, fastened by uncertainty in the equity markets as well as the recent collapse of the Terra UST stable coin.
