Coinbase says it’s withdrawing some job offers and extending a hiring freeze indefinitely

Coinbase says it’s withdrawing some job offers and extending a hiring freeze indefinitely

Coinbase, one of the world's largest cryptocurrency exchanges, said that it will withdraw some job offers and pause hiring indefinitely. It blamed "current market conditions" for the moves in a on Thursday. "We will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers," wrote LJ Brock, the chief people officer. Coinbase's decision underlined how quickly the environment had changed for what was once the darling of the cryptocurrency world. Coinbase was by Brian Armstrong and Fred Ehrsam in 2012. It listed on Nasdaq in a highly anticipated debut in April last year and was worth almost $86 billion after its opening day of trading. Last month, it became the first crypto company to become a Fortune 500 company. But this year, a cryptocurrency market slump took away Coinbase's luster as bitcoin's value halved, reported last month. That in turn dented the company's prospects. Its revenues fell 27% for the first three months of the year compared to the same period last year, per . Coinbase also warned that it could confiscate users' holdings if it went bust, has reported. On May 17, Coinbase said that it was for