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Coinbase to extend hiring pause, rescind some accepted job offers
Crypto expert predicts ‘more pain to come’ in selloff warning
Head of Republic Crypto Andrew Durgee says cryptocurrency markets will ‘follow suit’ with the downturn of traditional markets.
Coinbase will extend a hiring pause and rescind some job offers in response to "current market conditions and ongoing business prioritization efforts."
COINBASE GLOBAL INC.
The moves come roughly two weeks after the cryptocurrency exchange started slowing down hiring.
"It’s become evident that we need to take more stringent measures to slow our headcount growth," L.J. Brock, chief people officer at Coinbase, said in a blog post on Friday. "Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation."
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The hiring pause, which will last for "as long as this macro environment requires", will include backfills, except for roles that are necessary to meet its high security and compliance standards or to support other "mission-critical" work.
Meanwhile, the job offers will be rescinded for incoming hires who have not started in their positions yet. Limited exceptions will apply and will be managed by the same criteria as backfills.
"This is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority areas," Brock added.
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