Coinbase is rescinding some accepted job offers and extending an existing pause on hiring new candidates as part of an effort to adjust to the macro environment and general volatility in crypto, according to a blog post published Thursday evening.
It’s unclear how many offers will be rescinded, but limited exceptions will apply, the company said.
Coinbase also didn’t specify how long the hiring pause will be.
“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,” the post, written by L.J Brock, Chief People Officer at Coinbase, explained.
The news comes just two weeks after Coinbase launched an initiative to cut down on spending in an effort to grow revenue. It also came amid signs of belt-tightening across the crypto space, including layoffs at other firms.
Coinbase stock closed Thursday at $73.82, up 7.56% on the day on Nasdaq.