By Liz Moyer

Investing.com — Coinbase Global Inc (NASDAQ) shares rose 12.5% on Tuesday following the announcement by the company that its plans to slow down this year’s hiring process.

It had originally planned to triple its size in 2022. But, Emilie Chui, the chief operating officer and president of the company, has now taken a decision to “reassess” their headcount needs. According to the website, there were 4,900 employees in March.

“Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals,” the post said.

Coinbase shares have fallen 72% since November, following a slump in crypto assets like. Now trading at $30,000, Coinbase’s high last November of $68,000, Coinbase shares are now down 72%. The trading fee portion of Coinbase fell 27% due to users avoiding the volatile crypto market.

Other companies have had to review their staffing plans in light of the downturn in tech. Robinhood Markets Inc (NASDAQ: ) stated last month it was going to reduce its workforce by 9% after experiencing rapid growth. 

“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,” Coinbase’s Choi said in the blog post.