In brief

  • Posting a $430M loss in Q1 2022, Coinbase will “take more stringent measures” in hiring.

On the same day that rival crypto exchange Gemini confirmed layoffs, Coinbase announced today that it will continue its hiring freeze amid a tumultuous recent market for both cryptocurrency and tech stocks. Furthermore, the firm will rescind some job offers for employees who had accepted positions but had not yet started working.

Coinbase first announced plans in May to slow hiring, but today’s blog post from L.J. Brock, Coinbase’s chief people officer, confirms that the company will take a more severe turn.

“As these discussions have evolved, it’s become evident that we need to take more stringent measures to slow our headcount growth,” Brock wrote. “Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation.”

According to Brock, the freeze will include not only new, unfilled positions, but also backfilling existing empty roles in the company. There’s an exception for “roles that are necessary to meet the high standards we set for security and compliance, or to support other mission-critical work.”

Furthermore, Coinbase will pull some accepted offers for incoming employees who have yet to start.

Brock wrote that it is “not a decision we make lightly,” but that Coinbase sees it as “necessary to ensure we are only growing in the highest-priority areas.” The firm said that there will be limited exceptions and that all affected people will be…

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