Data Point
Crypto Amazon

Coinbase Shopped for Amazon Employees Before Hiring Freeze

Before a hiring freeze brought its eye-popping expansion to a screeching halt, Coinbase went shopping at Amazon: for employees.

The e-commerce giant was the top source of new hires for Coinbase in the first five months of this year, unseating Google from the No. 1 spot and accounting for 11% of the people joining the crypto firm through May. (By comparison, over the same period last year 3% of Coinbase’s hires hailed from Amazon.)

The hiring data detail Coinbase’s voracious appetite for engineering and other talent. Coinbase has said it hired around 1,200 people from the beginning of the year to early May. Amazon has long been a source for companies looking to load up on tech workers, and the company’s sinking stock price has likely made it easier for Coinbase to pick people off. Other big tech firms like Uber and Microsoft, as well as traditional financial firms like Wells Fargo and J.P. Morgan, round out the top 10 sources of talent.

But the recruiting landscape is lurching yet again thanks to the onset of the latest crypto winter—with layoffs at Gemini and other crypto firms in recent days only adding to the woe. Some employees could be regretting their decision to jump to crypto firms. Mike Adler, a managing partner at recruiting firm AC Lion who works with crypto companies, told The Information he expects a reversal soon that will see workers return to more-traditional industries in droves. “It’s going to happen,” he said.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
The Weekend Crypto Startups
Truth or Consequences: Would You Take an AI-Powered Polygraph Test to Prove You Hadn't Cheated on a Spouse?
Truth or Consequences: Would You Take an AI-Powered Polygraph Test to Prove You Hadn't Cheated on a Spouse?
Hi, welcome to your Weekend! Even before the Supreme Court’s earth-shaking rulings this week that struck down states’ gun restrictions and ended women's right to an abortion, Americans were losing faith in the highest court in the land. On Thursday, Gallup reported that trust in the Supreme Court has never been lower, with only 25% of Americans responding that they had a great deal of...
Latest Briefs
 
Congressional Report Says Robinhood Understated Liquidity Problems During Meme Stock Craze
Zendesk Agrees to $10.2 billion Buyout Months After Rejecting Higher Bid
Meta Plans To Shut Down CrowdTangle Tool
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Jerry Seinfeld (left) and Ted Sarandos. Photo by Getty. Art by Mike Sullivan
Exclusive Media/Telecom Amazon
A Netflix Slump Tests Sarandos’ Talent Savvy
In 2019, when comedian Mike Myers was pitching a new comedy series to Netflix, program executives at the company were skeptical.
Crypto Markets
Tech’s Worst-Timed Deals: Six Acquisitions That Have Not Improved With Age
As tech valuations collapse to a fraction of where they were last year, executives likely have a few regrets.
Amazon's logo on a tent at Cannes this week. Photo by Reuters.
Amazon
Amazon’s Ad Staffers Flee Amid Complaints of Bloat, Bureaucracy
In the years immediately before Covid-19 sidelined the global advertising festival in Cannes, Amazon kept a low-key presence at the annual gathering of ad and tech people.
Signage at VidCon 2016. Photo by Shutterstock
VidCon Returns as Chill Falls on Creator Economy
VidCon, the annual gathering of social media creators, fans and industry representatives, will descend on Anaheim, Calif., Wednesday for the first time since 2019.
Art by Clark Miller
Scene and Heard Crypto Culture
‘The Last Great Party’: With Crypto Winter Coming, NFT Lovers Try to Stave Off Reality
Ten days before NFT.NYC began last Monday in New York, I interviewed the conference’s founder, Jodee Rich, about how the crypto market’s collapse would impact this year’s gathering.
Opinion Media/Telecom
The Question Plaguing Connected TV: Who’s Watching?
PARQOR is part of The Information’s newsletter network. To receive it in your inbox every Monday, Wednesday and Friday, sign up here .