Cryptocurrencies
Coinbase to Rescind Employment Offers, Extend Hiring Freeze
- Market conditions, business ‘prioritization efforts’ cited
- Gemini Trust announced 10% staff reduction earlier Thursday
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Coinbase Global Inc. said it will extend a hiring freeze for both new and existing positions for the “foreseeable future” and rescind a number of accepted offers.
The largest US cryptocurrency exchange cited market conditions and ongoing business “prioritization efforts” for the decision in a blog post Thursday. Bitcoin has tumbled more than 55% from its record high in November, while other so-called altcoins have fallen even more as investors reevaluate the sector while central banks pull back on Covid-era stimulus.