Coinbase is pulling back on its hiring efforts. Chief people officer L.J. Brock announced that Coinbase is putting a pause on hiring new employees.

Coinbase started to slow hiring in mid-May to make sure the company is’best positioned to succeed during and after the current downturn’. But this move halts hiring completely.

Coinbase is contending with a lackluster response to the social NFT marketplace it launched widely in May. 4,132 people purchased an NFT on the platform within 19 days of its launch, according to data from dune analytics viewed by the Motley Fool.

Affected individuals will benefit from Coinbase’s’generous severance policy’. The company did n’t immediately reply to the verge’s request for comment.

At least two individuals set to be hired by Coinbase say they may lose their opt (optional practical training) visa due to the rescinded offer.

Coinbase sent a welcome email to new hires 2 weeks ago promising that they wo n’t rescind offers. The email was sent two weeks ago and promised that they would not rescind offers.

Coinbase’s initial email to new hires reads:’we will not be rescinding the offers of any employees who have already signed or have received an offer from us’.

Coinbase beefed up its staff as part of its plan to hire 2,000 employees in 2022. Its most recent earnings report reveals that 1,218 employees in the first quarter of 2022 alone, bringing its total to 4,948.

‘we did not make this decision lightly, it is the prudent one given market conditions,’ Brock said.’we will continue to evaluate all of our options to responsibly navigate Coinbase through the current cycle’.

Cameron and Tyler Winklevoss, the twins behind the Gemini cryptocurrency exchange, also announced that they’re cutting 10 percent of staff. The same goes for rain, a large crypto exchange based in the Middle East, which also laid off dozens of employees.