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