Coinbase extends hiring pause for ‘foreseeable future’ and plans to rescind some offers

Coinbase extends hiring pause for ‘foreseeable future’ and plans to rescind some offers

Two weeks after to slow hiring, crypto exchange now says the freeze will extend into the "foreseeable future." The company will also be pulling some accepted job offers. Coinbase said it was informing prospects of the rescinded offers by email on Thursday. The company also said it was extending its severance policy to those individuals and will help them with job placement and resume review. "After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires," L.J. Brock, Coinbase's chief people officer, wrote in a on Thursday. "The extended hiring pause will include backfills, except for roles that are necessary to meet the high standards we set for security and compliance, or to support other mission-critical work." Coinbase has lost more than 70% of its value this year as the selloff in cryptocurrencies coupled with economic turmoil has spurred a decline in users and shrinking revenue. The pain is being felt across much of the tech sector, with  and Facebook parent taking similar steps, and Robinhood  by about 9%. Prior to the 2022 downturn, Coinbase had been among the highest flyers in the tech industry.