The reductions are “in reaction to current market conditions and ongoing business prioritisation efforts,” according to the company,” he penned.
Coinbase will retract “a number of accepted offers” to prospects who have yet to start, and the two-week recruiting pause will be extended “for as long as current macro situation necessitates.”
The employment halt is part of a plan announced earlier this month. The new announcement comes after Gemini, another exchange, said on Thursday that it would be laying off 10% of its personnel, or about 100 individuals.
The market has been squeezing crypto exchanges all around the world. In recent weeks, Bitso, Latin America’s largest exchange, laid off 80 employees, Beunbit, Argentina’s largest exchange, practically half its workforce, and Rain, a Middle Eastern exchange, reportedly laid off “dozens.”
“Adapting swiftly and acting immediately will help us traverse this macro climate successfully and emerge even stronger, allowing for continued healthy development and innovation,” Brock wrote.
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