Bitcoin exchange Coinbase has suspended staff expansion for two weeks and cut spending on Amazon Web Services as part of a cost-cutting package. Information writes about it, citing sources.

Previously COO and Coinbase President Emily Choi warned of reassessing the need for experts amid the current downturn in the cryptocurrency market.

The new moves came after a net loss of $429.7 million for the first quarter (doubling the market’s forecast).

According to the publication, the company will offer additional stock options as of May 13 to offset half the difference between the strike price of the securities and the closing price.

Coinbase Chief Product Officer Surojit Chatterjee explained the details of his plan to improve business efficiency on Twitter.

On Tuesday, I sent a note announcing that we will increase our focus on critical revenue-generating products. Here are some more details 🧵

– surchatt.eth (@surojit) 19 May 2022

The senior executive recommended increasing trading tools as well as betting assets for retail and institutional clients. He explained that the company does not intend to stop investing in strategic and venture projects.

Recall that online broker Robinhood cut its staff by 9% after the IPO on the backdrop of a 75% collapse in stocks.