New York (CNN Business)Hao Jia was so convinced in the potential of cryptocurrencies that he passed up a job at a large tech firm, Oracle, to take another offer he received in early April to be a software engineer at one of the buzziest crypto startups, Coinbase.
But last week, Jia was one of a number of employees who received an email from Coinbase rescinding their job offers. For Jia, that not only meant losing a job but also, possibly, a visa.
"I'm an international student, and I need to keep my visa," he told CNN Business. "Now, after Coinbase, I prefer to go to a bigger company because I worry about my visa."
After initially planning to hire up to 2,000 more employees this year, citing "enormous product opportunities ahead," Coinbase has abruptly shifted course. In recent days, the cryptocurrency exchange, which was once valued at nearly $100 billion, has rescinded offers, implemented a hiring freeze and laid off 18% of its work force.
In a company-wide email sent Tuesday to...
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