On the same day that rival cryptocurrency firm Gemini confirmed the layoffs, announced Coinbase announced yesterday that it will continue to freeze hiring amid the recently turbulent market for both tech stocks and cryptocurrency.

In addition, the company will cancel some job offers for employees who have accepted jobs but have not yet started working.

Coinbase first announced its plans in May to slow hiring, but a blog post from Coinbase’s chief personnel officer emphasized that the company would be taking a sharper turn.

Quoting from the post:

As things evolved, it became clear that we needed to take stricter measures to slow the growth of our headcount.

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Adapting quickly and acting now will help us successfully navigate this macro environment and emerge stronger, enabling more healthy growth and innovation.

According to the same publication, the freeze will not only include new vacancies, but will also include filling existing vacant roles in the company.

Coinbase will also withdraw some accepted offers for new employees who have not yet started work.

Coinbase’s chief personnel officer wrote:

This is not a decision we take lightly.

But Coinbase sees it as necessary to ensure growth only in areas of highest priority.

It told the company that there will be limited exceptions and that all those affected will be notified.

In May, Coinbase reported a loss of $430 million for the first quarter of 2022, which beat analysts’ expectations for both earnings and revenue for the quarter.

Coinbase’s share price is down more than 40% from last month alone at a current price of just under $74 per share.

From the latest Coinbase post:

We always knew that cryptocurrencies would be volatile, but this volatility along with larger economic factors may test the company.

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If we’re flexible, and stay focused on the long-term, Coinbase will come out stronger on the other side.

Gemini announced this morning that it is laying off 10% of its staff in preparation for “Winter Crypto”.

In late April, stock and cryptocurrency trading app Robinhood laid off 9% of its staff as growth slowed.

Cryptocurrency markets have seen extreme volatility in recent weeks, with the price of the top cryptocurrency dropping by 21% in the past 30 days.

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