Coinbase Says Will Extend Hiring Freeze, Rescind Some Accepted Offers

Coinbase Global 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 cryptocurrency exchange says it will pause hiring "for as long as this macro environment requires."

"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.

Shares of Coinbase were flat following the news in after-hours trading. The company's stock is down more than 75 percent since its market debut last year through a direct listing.

Coinbase last month reported a 35 percent slump in total revenue to $1.17 billion (roughly Rs. 9,080 crore) for the three months ended March 31, missing analyst expectations and weighing on investor sentiment.

© Thomson Reuters 2022