Coinbase extends hiring pause amid cryptocurrency bear market

Coinbase Global (NASDAQ:COIN) is extending its hiring pause for both new and backfill positions "for the foreseeable future," the cryptocurrency exchange's Chief People Officer L.J Brock wrote in a blog post Thursday. The hiring freeze among other cost-cutting measures was initially disclosed two weeks ago. Brock pointed to the ongoing crypto bear market, adding that "it’s become evident that we need to take more stringent measures to slow our headcount growth." "Adapting quickly and acting now will help us to successfully navigate this macro environment and emerge even stronger, enabling further healthy growth and innovation," Brock explained. Coinbase's (COIN) move doesn't come as much of a surprise since its competitors are also taking steps to protect themselves against the crypto slump. For example, Winklevoss-led crypto exchange Gemini recently slashed 10% of its employees. Earlier, Solana slumped after suffering an outage, while bitcoin remains rangebound.