Blaming market condition, crypto behemoth Coinbase is extending its hiring freeze and rescinding some accepted job offers.
The news comes shortly after rival outfit Gemini said it will lay off 10% of its staff amid worries about a “crypto winter”.
Coinbase paused hiring two weeks ago but now chief people officer L J Brock says it has “become evident that we need to take more stringent measures to slow our headcount growth” in response to market conditions and “ongoing business prioritisation efforts”.
The hiring freeze will go on for as long as the “macro environment requires” and will include backfills. The company will also rescind outstanding offers for people who have yet to start.
Coinbase has seen its value tumble by more than 70% this year as cryptocurrencies prices have gone into freefall and the wider tech sector has taken a dive.
“We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways,” says Brock.
On LinkedIn, one of those to have an offer rescinded described the news as “devastating”, adding that it could affect his visa to work in the US.
Ashutosh Ukey writes that he rejected three PhD offers and other job interviews to accept a backend software engineer role at Coinbase.
He has now had the offer rescinded: “This was devastating to me as I was going to start on a STEM OPT VISA and I am only allowed a certain number of days on unemployment.”