Coinbase (COIN) is the latest crypto firm to announce cutbacks.
In a blog post Thursday written by Chief People Officer L.J. Brock, Coinbase said 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 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.
Read more: Coinbase Outlines Cost-Cutting Measures, Employee Grants Amid Weak Results and Crypto Rout: Report
This is a developing story and will be updated.
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