Coinbase Stops Hiring, Rescinds Accepted Job Offers

Coinbase has announced that it will continue its hiring freeze and will rescind some job offers for employees who had accepted positions but had not yet started working.

Earlier, rival crypto exchange, Gemini, had confirmed layoffs.

Crypto exchanges are trying to keep afloat amid a tumultuous recent market cryptocurrencies and tech stocks.

Coinbase had first announced plans in May to slow hiring. A blog post from L.J. Brock, Coinbase’s chief people officer, confirms that the company will take a more severe turn.

According to Brock, the freeze will include not only new, unfilled positions, but also backfilling existing empty roles in the company.

Furthermore, Coinbase will pull some accepted offers for incoming employees who have yet to start.

Brock wrote that Coinbase sees the decision as “necessary to ensure we are only growing in the highest-priority areas.”

In May, Coinbase posted a $430 million loss for Q1 2022 after missing analysts’ predictions on both profit and revenue for the quarter.

Coinbase’s stock price is down more than 40% over the last month alone at a current price of under $74 per share.

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