US Crypto exchange Coinbase Global Inc will extend its hiring freeze for the foreseeable future and rescind a number of accepted offers in order to deal with current macroeconomic conditions, the company said in a blog post on Thursday.
Coinbase earlier froze hiring for two weeks as fears of rising interest rates rocked the cryptocurrency market. Now, the crypto exchange says it will pause hiring “for as long as this macro environment requires.” The company will also rescind a number of outstanding offers for people who have not started yet.
“We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways,” said L.J. Brock, Coinbase’s chief people officer, in the blog post.
The company earlier this month had said that it will slow down hiring after the current market downturn, its President and Chief Operating Officer (COO) Emilie Choi informed in a blog post while sharing an update on the firm’s hiring plans.
“To ensure we’re best positioned to succeed during and after the current market downturn, we’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals,” Choi said.
Heading into this year, Coinbase had planned to triple the size of the company. Given current market conditions, the firm said it feels it is prudent to slow hiring and reassess its headcount needs against its highest-priority business goals.
“Headcount growth is a key input to our financial model, and this is an important action to ensure we manage our business to the scenarios we planned for, specifically the potential Adjusted EBITDA we are aiming to manage to,” Chao added.
Founded in 2012, the crypto exchange offers a platform for users to buy and sell several cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin etc. It has become the first crypto firm to enter the prestigious Fortune 500 list. After posting revenue of over $7.8 billion in fiscal 2021 it has grabbed the 437th position in the recently released list.