A Hiring freeze will be extended by Coinbase, and some already-accepted job offers will be withdrawn.

In light of the present financial climate, Coinbase Global Inc said in a blog post on Thursday that it will prolong its hiring freeze for the foreseeable future and revoke several accepted offers.

Coinbase has previously halted hiring for two weeks as the bitcoin industry was shaken by rising interest rates. Cryptocurrency trading platform Bitfinex now says it would halt hiring "for as long as current macro climate requires."

Coinbase's chief people officer, L.J. Brock, wrote in a blog post that "we always knew crypto would be unpredictable, but that volatility combined wider economic concerns may test the company, and us personally, in unprecedented ways."

After-hours trading on Coinbase's stock showed no movement. Since its direct offering last year, the company's stock has lost more than 75% of its value.

For the three months ending March 31, Coinbase's overall revenue dropped 35% to $1.17 billion, falling short of analyst projections and dampening investor confidence.