Brian Armstrong, chief executive officer of Coinbase Global Inc. Photo by Bloomberg.
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Crypto

Coinbase Slashes Costs, Freezes Hiring Amid Crypto Crash

Photo: Brian Armstrong, chief executive officer of Coinbase Global Inc. Photo by Bloomberg.

Cryptocurrency trading firm Coinbase, whose revenue has shrunk amid a downturn in the sector, is pausing new business projects, freezing hiring for two weeks and aiming to slash its cloud spending on Amazon Web Services, among other cost-cutting measures, according to a pair of internal emails sent to employees this week and viewed by The Information.

At the same time, the company, whose stock has fallen by more than 75% in the past six months, also told its 5,000 or so employees it is giving them more stock grants to offset half of the difference between the grants it made earlier this year and the stock’s closing price on Friday last week, one of the emails said.

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