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Coinbase is now rescinding accepted job offers on top of a hiring freeze

The crypto exchange giant is rescinding offers to new hires on top of a hiring pause.

The Coinbase logo, with coins.

Coinbase is rescinding job offers.

Photo: Jakub Porzycki/NurPhoto via Getty Images

Coinbase announced Thursday that it was rescinding accepted job offers to new hires, in addition to its previously announced hiring freeze, Chief People Officer L.J. Brock wrote in a blog post.

The company seemed to be determined to triple its workforce even after weak first-quarter earnings, which resulted in its stock plummeting. However, it changed its mind almost immediately, announcing a hiring freeze just a week after its analyst call.

Now, two weeks later, Coinbase is taking another step further to “reprioritize [their] hiring needs against [their] highest-priority business goals,” which includes extending the hiring pause for the foreseeable future and rescinding a number of accepted offers for people who have not started yet, via email.

Coinbase also said that it was also establishing a “talent hub” for individuals impacted by its decisions.

The slew of hiring freezes and layoffs aren't just limited to fintechs; companies across all sectors of tech have been slowing hiring and letting go of staff. Both Twitter and Meta froze hiring last month, and Twitter also rescinded job offers.

Lindsey Choo
Lindsey Choo is a former Protocol reporter covering fintech. She is a graduate of UC San Diego, where she double majored in communications and political science. She has previously covered healthcare issues for the Center for Healthy Aging and was a senior staff writer for The UCSD Guardian. She can be reached at lchoo@protocol.com.
cryptocurrency hiring freeze
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