Coinbase withdraws job offers, extends hiring freeze in response to ‘market conditions’

June 2, 2022, 9:17 PM UTC

Coinbase (COIN) is the latest crypto firm to announce cutbacks.

In a blog post written by chief people officer L.J. Brock, Coinbase said Thursday it “will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers.”

The cutbacks come “in response to the current market conditions and ongoing business prioritization efforts.”

The cost-cutting measures will see Coinbase rescind “a number of accepted offers” for prospects yet to start and extend the two-week hiring pause “for as long as this macro environment requires.”

The hiring freeze is a continuation of a plan announced last month. It comes after fellow exchange Gemini announced Thursday it was laying off 10% of its staff, or roughly 100 people.

Crypto exchanges globally have felt the market crunch. In recent weeks, Latin America’s top exchange Bitso fired 80 employees; Argentina’s Buenbit nearly halved its staff; and Middle Eastern exchange Rain reportedly laid off “dozens.”

“Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation,” wrote Coinbase’s Brock.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.