Coinbase is hitting pause on hiring for new and backfill roles for the foreseeable future and is rescinding several accepted offers, the company’s chief people officer has said.

Announcing the news in a blog post, L.J. Brock, chief people officer at the cryptocurrency exchange cited the current macro environment and said the company had concluded that hiring for ‘mission-critical’ roles needs to take precedence.

Brock said: “Two weeks ago, we paused hiring while we took time to reprioritise our hiring needs against our highest-priority business goals. As these discussions have evolved, it’s become evident that we need to take more stringent measures to slow our headcount growth.

“Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation.”

Brock’s blog post also stated that following the company’s recent first quarter earnings call, headcount was identified as a key area in which to manage costs.

“We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways,” Brock added.

“If we’re flexible and resilient, and remain focused on the long term, Coinbase will come out stronger on the other side.”

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