CoinbaseThe latest warning from a tech company is that of an upcoming slowdown in the hiring process.

Tuesday’s announcement by the cryptocurrency exchange to staff was a reverse of earlier plans to triple its workforce for 2022.

In a statement, Emilie Choi (Coinbase’s chief operational officer) said that “Given the current market conditions it’s prudently to slow hiring” and reassess headcount needs in relation to our highest-priority goals. blog post.

“Headcount Growth is a critical input into our financial model. This is an important step to make sure we manage the business in the situations we plan for.”

Stocks of once-highly valued tech stocks in the doldrumsCompanies reassessing their plansInvestors are hoping that the company can weather this storm. Concerns about rising inflation have led to the Nasdaq Composite losing around 25% of its value over the past year. aggressive interest rate hikesFederal Reserve

Coinbase’s shares have been particularly hit with a plunge of 74% in its share price year-to date, amid falling prices bitcoinand digital currencies. Bitcoin briefly tumbled below $26,000On Thursday, it fell to the lowest level since December 2020. collapse of Terra, a controversial stablecoin project.

Coinbase shares rose by 7% on Tuesday.

Coinbase makes the majority of its income from trading fees. 27% decline in revenuesThe platform’s usage dropped in the first quarter. Coinbase’s management spoke to analysts and said that the company invests “pretty heavily in compliance” but suggested slowing down hiring as one way it can cut costs.

Choi explained Tuesday, “We understand this can be confusing and that downturns in the market can feel scary.” We have plans for all markets and are now putting some of them into action.

She added: “We’re in a strong position — we have a solid balance sheet and we’ve been through several market downturns before, and we’ve emerged stronger every time.”

Coinbase is the latest tech company to pledge to reduce investment in employee hiring. UberFacebook parent company MetaRobinhood has taken the same steps. cutting its headcountBy approximately 9%