Coinbase To Rescind Several Job Offers Amid Bearish Crypto Market

Major cryptocurrency exchange Coinbase Global Inc COIN plans to extend its hiring freeze and rescind a number of accepted job offers.

What Happened: In a blog published on Thursday, the company said that it has become evident it needs to “take more stringent measures” to slow its headcount growth.

Coinbase said it intends to pause hiring for the foreseeable future or as long as the current macro environment requires.

See Also: HOW DOES COINBASE MAKE MONEY?

The company also said it will be rescinding a number of outstanding job offers for people who have not yet started.

“This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas,” stated  L.J Brock, the firm’s chief people officer.

See Also: Short Seller Jim Chanos Calls Coinbase 'Tremendously Overvalued'

Why It Matters: Coinbase once planned to triple its headcount, but announced that it would be reassessing its hiring needs after crypto markets took a turn for the worse.

Bitcoin BTC/USD is currently trading at $30554, down 55% from its all-time high. Ethereum ETH/USD is trading at $1,831, down 62% from its peak price and Dogecoin DOGE/USD was trading at $0.08, down 88% from its all-time high.

Coinbase isn’t the only cryptocurrency exchange looking to cut costs amid the market slump. Earlier today, Gemini said it plans to cut 10% of its workforce. In April, retail brokerage Robinhood Markets Inc HOOD also announced plans to let go of 9% of its employee base.