SAN FRANCISCO (KRON) — Coinbase, the cryptocurrency platform founded in SF, has begun sending emails rescinding already-accepted job offers, according to a post on the company’s blog. The post, titled, “Update on Hiring Plans,” was made public on June 2 by the crypto company’s “Chief People Officer,” L.J. Brock.

“In response to the current market conditions and ongoing prioritization efforts, we will extend our hiring pauses for both new and backfill roles for the foreseeable future and rescind a number of accepted offers,” read the post in part.

Coinbase Global Inc reported revenue of $7.8B for Fiscal Year 2021, an increase of 513.66% to Fiscal Year 2020. However, the company reported revenue of $1.2B for Q1 of 2022, a decrease of 35.24% compared to Q1 of Fiscal Year 2021. Net income also fell 155.69%.

Along with rescinding already-accepted jobs, the company also announced a hiring freeze due to the current “macro environment.”

“After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires,” read the blog post. “The extended hiring pause will include backfills, except for roles that are necessary to meet the high standards we set for security and compliance.”

Regarding the rescinded job offers, the company said “this is not a decision we make lightly, but is necessary to ensure we are only growing in the highest-priority area.” The company added that “incoming hires will be advised of their updated offer status today by email.”

According to the blog post, the company would be extending its “generous severance philosophy to offset the financial impact of this decision.”

Founded in 2012, Coinbase is one of the largest crypto exchanges. The company was founded in San Francisco and until 2021, maintained its headquarters in the city before closing that HQ down and pivoting to a “remote first” employee policy.