(Kitco News) After suffering a massive selloff this spring, the crypto space is reeling from a wave of layoffs as companies are forced to cut employees, freeze budgets and even pull existing job offers.
The latest news came from Coinbase, which announced that it is extending its hiring freeze for new and existing positions for the "foreseeable future." And what probably bites the most is that the largest U.S. cryptocurrency exchange will also be rescinding some of the already accepted job offers.
The crypto company pointed to market conditions as one of the reasons for the decision.
"After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires," Coinbase said in a blog post on Thursday.
Coinbase is coming off a huge hiring spree, which saw the company grow to 4,948 full-time positions from just 1,700 reported a year ago.
The crypto exchange's shares dropped 9% Friday in response to the...
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