Various companies aim to bring cryptocurrency to institutional investors and Coinbase has shown a lot of initiative recently in this regard. The company now plans to hire additional employees for its newly opened institutional-focused New York office.
Coinbase Continues to Grow
Service providers acting as a cryptocurrency gateway need to keep evolving and innovating. Bridging the gap between traditional finance and cryptocurrency remains one of the biggest hurdles to overcome. Especially now that institutional parties show an interest in Bitcoin, a first-mover advantage has become apparent. For Coinbase, this can create a lot of new market opportunities in the years to come.
Setting up a New York-based office was the first step in this regard. New York state is home to NYDFS, the governing body issuing the BitLicense in the United States. It is also considered to be a major hub for institutional investors with an interest in blockchain and cryptocurrency. Establishing a local foothold makes it easier to cater to this new group of potential customers.
To ensure this venture is successful, Coinbase will hire additional employees. Sources close to the matter indicate over 100 positions are vacant as of right now. Finding the right people for the job may be a challenge. As such, the firm is turning to Wall Street in an effort to acquire the necessary talent and expertise. It is not the first time Wall Street staffers venture into cryptocurrency either. This has become an emerging trend for several months now.
Hire, Expand, Repeat
Speaking of expansion, Coinbase has been on a streak as of late. The company is hiring talent left, right, and center, and its payroll now counts several hundred employees. This is all part of Coinbase’s bigger plan to attract institutional investors and high-net-worth individuals.
Once the New York office is properly staffed, the firm will continue to seek out new horizons. Sources close to the matter indicate Latin America and Asia are next on the list. Both regions have shown a keen interest in Bitcoin and other cryptocurrencies. Domestic exchanges are thriving, yet the markets also seem to welcome international competition. At this time, Coinbase has not announced their vision to expand into specific countries.
Outside of hiring, Coinbase is also beefing up its list of supported currencies. Ethereum Classic was added to the exchange just last month. This has been a development of great interest to the overall cryptocurrency community. It also paves the way for future additions in the coming months and years. There is a lot more to cryptocurrency than just Bitcoin or Ethereum.
What do you think of Coinbase’s expansion efforts? Where will they go next? Let us know in the comments below.
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