Coinbase Continues To Prepare For Institutional Investors As It Looks To Add 100+ New Staff In NYC Office
Coinbase has revealed that it plans to add over 100 staff to its new office in New York as it continues to prepare to welcome the flood of institutional investors.
There is a sense of agreement in the cryptocurrency world that the entry of institutional investors is the next step for the crypto industry.
Cryptocurrency companies have been rolling out products and services that would ease the entry of such investors.
Coinbase is one of such companies and has now concluded plans to increase the number of staff in its New York office as it looks to cater for the institutional investors that will be coming to the market.
Coinbase to hire over 100 staff in New York office
The cryptocurrency exchange has revealed that it will expand its operation in New York by increasing its employees to 150 by the start of next year. At the moment, the exchange has only 20 employees reports Coindesk.
Adam White, the general manager of Coinbase Institutional, stated that despite the current market corrections, institutional investors didn’t lose interest in the market because they know a correction is something that happens in financial markets.
According to White, investors are looking at the potential future opportunity that the market has to offer, not just its current downturn.
Coinbase’s head of institutional sales, Christine Sandler added that the office will have a security comparable to the NYSE as they look to make their clients satisfied.
According to her, Coinbase’s institutional custody, asset management, and trading services don’t affect their focus on retail investors. She added that both institutional and retail investments are needed if the cryptocurrency market is to go mainstream.
Coinbase is very much interested in partnering with the right institutions that would help the whole cryptocurrency market grow.
Coinbase continues to attract institutional investors
Asides increasing its workforce in New York, the cryptocurrency company has been introducing products and services targeted to the institutions.
One such move is the creation of its custody service. Coinbase Custody was introduced with the aim of solving the primary concern of institutional investors – security.
Coinbase has put several security measures in place for its custody service including on-chain segregation of crypto assets, offline, multi-sig and geographically distributed transaction protection and robust cold storage auditing and reporting.
They have also been making acquisitions in the industry that would make them stronger and become one of the leading cryptocurrency companies in the world. Earlier this year, Coinbase acquired Digital Wealth, Venovate Marketplace, and Keystone Capital to become a regulated broker-dealer.
Coinbase staff growth despite bear market
Earlier this year, Coinbase revealed that it is looking to double its workforce from 250 employees to 500. A few months later and they have surpassed the 500 employees mark. This was achieved despite the bear market, with prices of cryptos still very much down.
The growth is expected to continue as they are also looking to enter the Asian market aggressively.
They recently opened their Tokyo office and even though they might face competition from exchanges in the region, they are working towards becoming a favorable destination for Japanese traders and investors.