Coinbase Chief People Officer L.J Brock has provided an update on the hiring plans of the company.

“In response to the current market conditions and ongoing business prioritization efforts, we will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers,” Coinbase said.

Two weeks ago, the company paused hiring, stating that it needs time to reprioritize its hiring needs. As these discussions have evolved, it has become evident that the company needs to take more stringent measures to slow its headcount growth.

Coinbase will extend our hiring pause for the foreseeable future. The extended hiring pause will include backfills, except for certain roles needed to support mission-critical work.

The company will also rescind a number of accepted offers.

To further support impacted individuals, Coinbase is establishing a talent hub to allow them to opt-in to receive additional support services including job placement support, resume review, interview coaching and access to Coinbase’s strong industry connections.

Coinbase concludes:

“We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways. If we’re flexible and resilient, and remain focused on the long term, Coinbase will come out stronger on the other side. These challenges can be career-defining, helping us learn and grow. And at the end of the day, I think you’ll be proud to have helped Coinbase navigate this next part of its journey”.