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Coinbase to extend hiring freeze and cancel some accepted offers – blog post

A representation of the cryptocurrency is seen in front of the Coinbase logo in this illustration taken March 4, 2022. REUTERS/Dado Ruvic/Illustration

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June 2 (Reuters) – Coinbase Global Inc (COIN.O) will extend its hiring freeze for the foreseeable future and cancel a number of accepted offers in order to cope with current macroeconomic conditions, the company said in a news article on Thursday. blog.

Coinbase previously 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.”

“We always knew crypto would be volatile, but this volatility coupled with larger economic factors could test the business, and us personally, in new ways,” Coinbase chief human resources officer LJ Brock said in the post. blog post.

Coinbase shares held steady after after-hours trading news. The company’s shares have fallen more than 75% since its market debut last year thanks to a direct listing.

Coinbase last month reported a 35% drop in total revenue to $1.17 billion for the three months ended March 31, missing analyst expectations and weighing on investor sentiment. Read more

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Reporting by Hannah Lang in Washington Editing by Matthew Lewis

Our standards: The Thomson Reuters Trust Principles.

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