Crypto firm Coinbase extends hiring pause and rescinds some job offers

Cryptocurrency exchange platform Coinbase has extended its hiring pause for the “foreseeable future” and is set to rescind a number of accepted job offers.

Coinbase will rescind a number of job offers

Coinbase says the decision is due to the current macro environment and ongoing global economic downturn coupled with volatility in the crypto market.

“After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires,” says L J Brock, chief people officer at Coinbase.

The extended hiring pause will include backfills – barring the “necessary” security and compliance roles.

“We will also rescind a number of outstanding offers for people who have not started yet,” Brock adds. “This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas.”

To support impacted people, Brock says that the company will utilise its severance philosophy and establish a talent hub to offer them job placement support, resume review services, interview coaching and access to Coinbase’s industry connections.