The largest US cryptocurrency exchange operator, Coinbase, is planning an aggressive expansion of its recently-opened New York office, in a push to “create a bridge between financial services and technology”, industry website Coindesk has reported.
According to the report, Coinbase, which is headquartered in San Francisco, aims to expand the operation to 150 employees, from 20 currently. The move aims to capitalise on the institutional demand, which, according to the company, has not waned despite this year’s slump in crypto prices.
“When we saw the market begin to correct, which we all expected, institutions didn't lose interest,” Adam White, general manager of Coinbase Institutional, said, as quoted by Coindesk.
“It was exactly the opposite,” he said, adding that institutional investors had seen “an opportunity to enter when things are not too frothy”.
Coinbase has made a number moves to tap into that interest. The company earlier this year launched a suite of products targeting institutional investors. The suite included a custodial solution called Coinbase Custody and Coinbase Prime, a new platform providing a set of tools and services used by institutional investors for cryptocurrency trading.
Describing New York as an “incredibly deep pool of talent”, White explained that in order to create a bridge between financial services and technology, “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”. The company has already hired employees from traditional financial institutions such as the New York Stock Exchange, Barclays, and Citigroup.
At the same time, Coinbase is also looking to expand on an international level. The company, which already has an UK office, is currently working on setting up an operation in Japan’ capital, Tokyo, Coinbase notes. The company has already hired a small team and applied for a Financial Services Agency certification.