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 Both Twitter and Meta froze hiring last month, and Twitter also rescinded job offers.