Coinbase Will Create Database For People Whose Jobs It Rescinded

Coinbase will create Database for the people whose job offers it rescinded after they got under attack for pulling the offers that they promised not to so let’s read more today in our latest Coinbase news.

Coinbase will create database for people that it was about to employ but it didn’t after the hiring freeze included the rescinding of job offers. The Talent Hub represents a list of people affected by the developments at Coinbase so now, a former Coinbase candidate can self-submit their name, current company, and contact information.
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350 individuals who are mostly software engineers signed up so far.

"here's a list of people we fucked over, maybe you can help" https://t.co/coit7H8xPP

— Tom Zarebczan 📚 🧐 (@TomZarebczan) June 7, 2022

If it seems strange that coinbase compiles a talent database that will be picked by other competitors, we can agree that it is. The announcement came in the wake of a massive backlash from accepted and rejected candidates that vented online about their offers being rescinded. In some cases, the jobs were needed to maintain their immigration status. Most users took it to Twitter to phrase a hiring update to refer to the layoffs and a hiring freeze for the rescinded offers whcih most called ruthless. A Web3 developer said on the Talent Hub announcement:

“Optics of this are HORRIBLE.”

Stephen Palley who is a legal partner at Andreson Kill added:

“If there were a Pulitzer prize for most laughable corporate word mushery ‘hiring update’ would win hands down.”

As recently reported, Plenty of talented people were left unemployed after coinbase announced that it wasn’t just freezing the hiring process but also that the exchange will be rescinding the agreed offers with prospective employees. Most of those would-be Coinbase employees after the exchange reported the $430 million loss, wanted to reassure their hiring via email.

The decision by coinbase was announced a day after Gemini said it will be cutting down 10% of the workforce whcih not only jeopardizes some of the ability to pay bills, it puts at risk their ability to stay in the US. With the $430M loss in Q1 2022, Coinbase will take some stringent measures when it comes to hiring. On the same day that the rival exchange Gemini confirmed it will lay off employees, Coinbase announced that it will continue the hiring freeze amid the recent market for both crypto and tech stocks so the company will rescind some job offers for employees that accepted positions but had not started working yet.