March 31, 2023

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Coinbase Responds to Crypto Rout

3 min read

Cryptocurrency trading platform Coinbase Global ( (COIN) ) said it is suspending the hiring of employees as it refocuses its priorities amid massive swings in the company’s stock price.

The company announced measures on May 16 to reduce its costs.

“We’ve made an important decision to ensure we’re being rigorous in our resource prioritization so we can emerge from this down cycle even stronger than we are today,” Emilie Choi, president and chief operating officer, said in a blog post.

“We’re announcing we’re slowing hiring so we can reprioritize our hiring needs against our highest-priority business goals.”

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