Coinbase shares jumped 14% on Tuesday as the company said it plans to slow down hiring, Business Insider writes.

The cryptocurrency exchange said in a blog post that it had planned to triple its hiring this year, but was forced to reduce the pace of hiring to shore up its business during the downturn in the $1.4 trillion cryptocurrency market.

“It is prudent to slow down hiring and reevaluate our staffing needs versus prioritized business objectives”, Coinbase President Emily Choi said in a blog post.

Coinbase shares rose 14% to $70.03 on the news.

Coinbase will now focus on integrating the recently hired employees as it looks to secure the best opportunities during and after the current market downturn. Coinbase has expanded its employee base during the growth of the cryptocurrency market and its own entry into the public market during its IPO last year.

The value of the cryptocurrency market has fallen this year from $2.3 trillion at the end of December to $1.4 trillion, largely due to the falling price of bitcoin.

Choi said headcount growth is a key driver of Coinbase’s financial model, but she doesn’t expect the change to have any impact on its second-quarter or full-year 2022 spending forecast.