August 11, 2022

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Coinbase is extending the hiring freeze and revoking some accepted job gives

Cryptocurrency market Coinbase International Inc. stated on Thursday it could indefinitely prolong its hiring freeze and revoke “a quantity” of job gives it has already accepted.

“We might be extending our hiring pause for the foreseeable future,” Coinbase COIN,
stated in a weblog put up, citing present market circumstances and efforts to innovate its enterprise. “We can even be withdrawing various pending gives for individuals who haven’t but began.”

The corporate stated new workers can be notified by way of electronic mail of the withdrawn job gives and would obtain severance pay.

Additionally learn: Billionaire Winklevoss Twins Hearth 10% of Gemini Workers, Blaming ‘Crypto Winter’

Final month, Coinbase introduced that it could cut back growth plans for this yr and pause hiring, once more citing present market circumstances.

“As these discussions have unfolded, it has grow to be clear that we have to take extra stringent motion to gradual our headcount development,” the corporate stated Thursday. “We at all times knew crypto can be unstable, however that volatility coupled with bigger financial components may take a look at the corporate and us personally in new methods.”

Crypto market fell off a cliff this yr – Bitcoin BTCUSD,
is down 35% and Ethereum ETHUSD,
is down 50% in 2022 — and Coinbase shares are down greater than 70% yr so far. Coinbase is extending the hiring freeze and revoking some accepted job gives

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