Ex-Wall Street Employees Among Those Jilted by Coinbase

Staff from Goldman Sachs, JPMorgan Chase, Wells Fargo left the banks for roles at the cryptocurrency exchange

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • More than 300 individuals are listed on Coinbase’s database of affected candidates
  • Former employees from tech giants including Amazon, Walmart, Facebook and Twitter also left their jobs

Former employees from some of Wall Street’s top banks quit their jobs to join Coinbase, but were left hanging after the cryptocurrency exchange rescinded a number of accepted job offers.

People with backgrounds in finance, marketing and customer experience from JPMorgan, Wells Fargo, Citigroup, Goldman Sachs and BlackRock were affected by the company’s hiring pause announced on June 3, according to a talent directory posted on its website.

They’re among more than 300 other candidates that are listed on Coinbase’s “Talent Hub,” a database of individuals the company created to support those who lost their offers by connecting them to future employers.

According to the database, Coinbase was angling to boost its legal and compliance teams with hires from Robinhood and Gemini. Software engineers from Amazon, Flipkart, Walmart, Facebook, TikTok, Twitter, GitHub, Netflix and Chewy are also on the list of rescinded offers.

Coinbase’s Chief People Officer LJ Brock said in a blog the decision to pause hires was influenced by a combination of cryptocurrency volatility and “larger economic factors.”

The firm faced backlash on social media for revoking offers from people who had already left previous roles, with one communications expert slamming what seemed like a “hire-first and strategize later” approach. But others in the industry downplayed the move, suggesting judicious use of resources is a thoughtful plan of action.

“Many companies are cautious of hiring at the moment, but this is not a bad thing,” Martin Škorjanc, chief executive at crypto exchange NiceHash, said.

“Most places saw massive rapid expansion in the last 18 months, so now it’s a logical time to consolidate and set up for further growth on the other side,” he added.

An ongoing crypto correlation with equities, in a downswing driven by macro forces such as accelerating monetary tightening around the world, seems to have snubbed out optimism and sparked frustration in the short term.

Alongside Coinbase, the Winklevoss twins’ Gemini exchange said it would slash 10% of its staff due to macroeconomic and geopolitical factors.  

“With uncertainty abound regarding when the market downturn may reverse, the natural prudence of operational decision-makers comes into play,” Jonathan Chen, head of operations at NFT-request platform Creaticles, said. “This can translate to staff downsizing and other cost-saving measures.”

Even so, some other companies in the industry are on a hiring spree. Layer-2 Ethereum startup Immutable told Blockworks it plans to raise its headcount to 400 this year and projects a runway of more than four years. Digital exchanges Kraken and FTX, DeFi lending protocol Maple and crypto fintech Liminal also have plans to up their workforce.

Coinbase did not immediately respond to a request for comment by Blockworks.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million