Coinbase has announced that it will extend the freezing of its employees and cancel some of the offers, as it struggles to address the impact of the current economic situation.
The third largest crypto exchange platform according to the total market capitalization has begun to slow down employee hiring two weeks due to concerns of interest rates shaking the crypto currency market.
According to a statement issued on his blog on Thursday, Chief L.J. Chief Officer Brock acknowledges that the crypto market is always uncertain, but fluctuations that occur along with larger economic factors may test the company.
In addition, he added that the freezing of employees will continue as long as the macroeconomic recession continues and it will also be used for refill.
However, any position required for security and compliance will still be a replacement.
Coinbase shares move horizontally after the announcement was issued. The company's shares have dropped more than 75% since the emergence of its market last year through a direct listing.
Last month, Coinbase reported a 35% decline in revenue to $ 1.17 billion for three months ended March 31, escaping from analyst expectations and burdened investor sentiment.
