Coinbase announced in a blog post that it will extend its hiring freeze for the foreseeable future and revoke some accepted offers to deal with the current macroeconomic conditions.
The company, in its Q1 earnings call, discussed that headcount and a variety of other expenses are the key ways to manage costs. “We will continue to evaluate all of our options to responsibly navigate Coinbase through the current cycle,” said the company in a statement.
Earlier, the crypto exchange froze hiring for two weeks, due to rising interest rates in the cryptocurrency market. The company now reasoned current market conditions and ongoing business prioritisation efforts to pause hiring further. “Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation,” said LJ Brock, Chief People Officer, Coinbase.
"We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways," Brock added. The company’s stock is down more than 75 per cent since its market debut last year through a direct listing, Reuters said in a report.