Coinbase Wants To Multiply Its Employees Sevenfold

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In its pursuit to cater to institutional clients, Coinbase needs some more of the “best and brightest minds” from traditional financial firms.


With its newly opened New York office, digital asset exchange unicorn Coinbase shared its plans to expand the operation to 150 employees next year, Coindesk reported September 15.
he San Francisco-based firm is planning a massive hiring spree for its recently opened office in New York next year which will multiply its 20 employees to a manpower of 150. Most of Coinbase’s local staff members were reportedly hired away from traditional financial institutions including Barclays, Citigroup, and the New York Stock Exchange.

The Coinbase New York office officially opened on September 13 to serve institutional clients. The slump in cryptocurrency prices this year has not pacified institutional demand for this asset class, the company says.

Coinbase Institutional general manager Adam White told CoinDesk:

“When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite. They look at it as an opportunity to enter when things are not too frothy.”

In order to bridge financial services and technology, diving in to New York’s “deep pool of talent” was crucial for the company. White said that in order to do that, they need to “pull from some of the best and brightest minds that have worked their whole careers in other kinds of traditional financial firms.”

But Not Only In New York
Prior to the New York expansion, Coinbase has already been on a hiring spree this year. Despite the bearish market, its team continues to multiply which has now more than 500 employees worldwide. And New York is not the only office that’s drawing institutional clients and recruits.

Coinbase is also eyeing expansion into Asia and Latin America in the near future. Finance Magnates reported earlier this year that another Coinbase office opened in Japan, hiring a small team and has applied for a Financial Services Agency certification in the country.

The exchange’s target clients used to be mainly retail investors. However, head of institutional sales, Christine Sandler noted that even though Coinbase is slightly shifting direction, it would not conflict with its previous focus. Sandler believes that partnering with appropriate institutions will help the cryptocurrency ecosystem grow.

She added:

“It’s not ‘institutional or retail,’ because a lot of these institutions will be distributors.”

This move is in line with the Coinbase CEO Brian Armstrong’s vision for the future of the company. According to a recent Ibinex News report, Coinbase will host more altcoins, wherein Armstrong envisions the new altcoins can run in cooperation with equity as an alternative investment system and become the “New York Stock Exchange of cryptocurrencies.”

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Source : https://news.ibinex.com/?gclid=CjwKCAjwxILdBRBqEiwAHL2R8yw2pGnhBp2oQsPlvbszF1h50dsKz4aklaXyczp7rJzCxhefYJCwghoCj3oQAvD_BwE