Coinbase is one of the largest digital currency exchanges in the world, with more than 15 million users. The company promises easy crypto exchange for new users who are interested in putting their money into some of the most popular cryptocurrencies, like Bitcoin, Ethereum, and Litecoin. Recently, Coinbase succeeded in opening a new office in New York and have seen announced aggressive plans to continue to expand.
Before the New York office, the company had only 20 employees located in the state of New York and no real permanent presence there. With the opening of the office, they will now have 150 permanent employees in the state and increase their total employment worldwide to more than 500. The increasing employee count throughout 2018 and the opening of the new office this year is all occurring despite the decreased prices for cryptocurrencies. In fact, Coinbase has cited that the drop in prices for popular cryptocurrencies has actually caused an increase in demand for digital assets. Adam White, general manager of Coinbase Institutional 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 is an opportunity to enter when things are not too frothy.”
Coinbase set up its operations in New York City to draw upon the immense talent pool that already exists there. Many of the new employees are coming from the large financial institutions that reside in the city, like Barclays and Citigroup, and bring in many years of experience and diverse backgrounds. The company also believes that the new employees will create a much-needed connection. According to a statement from White, “We have to create a bridge between financial services and technology. In order to do that, we need to pull from some of the best and brightest minds that have worked their whole careers in other kinds of traditional financial firms.”
Beyond the New York office, Coinbase is looking to expand its enterprise outside of the United States. Right now, they have a presence in Japan as they worked to establish a full-time office in Tokyo this summer. With that office, they only currently employ a small-team as they are still in the process of applying to be a certified Financial Services Agency in Japan. Beyond Asia, Coinbase is looking to “light up more countries and more fiat rails” in other parts of Asia and Latin America. As they grow, they are hoping to expand their perception beyond “just an American company.”
Beyond the expansion, Coinbase is also exploring offering its own exchange-traded fund (ETF). Inside sources claim they are eyeing a fund that will track the price of five crypto assets that Coinbase already allows its customers to exchange on its platform. In addition, Coinbase has recently joined the “Blockchain Association”, which is an association based in Washington D.C. which aims to convince government officials and governing bodies to give the crypto space some relaxed regulations so that innovation can continue to foster around blockchain technologies.