Coinbase Is Expanding: The Exchange Is Looking To Recruit More Staff From Wall Street
Coinbase, the biggest crypto exchange in the U.S. has recently opened an office in New York City.
Instead of selling crypto to regular individual investors, the purpose of the New York City office seems to be another one. They want to attract and cater to the needs of institutional investors.
At the moment, Coinbase had six different office locations and about 700 employees.
The office from New York manages the recently launched Coinbase index fund which provides institutional investors with the ability to invest in Bitcoin, Ethereum, Ethereum Classic, Litecoin and Bitcoin Cash.
The minimum amount customers can invest currently stands at $250,000.
The newest Coinbase office is located a few hundred meters from the Wall Street and it currently employs 20 people.
Many of them are reportedly recruited directly from traditional financial organizations such as the New York Stock Exchange, and it’s currently planning to expand even more.
Coindesk reported that Coinbase plans to recruit 150 financial professionals to work at the office from New York.
This definitely suggests that the interest in crypto investments is growing.
“When we saw the market begin to correct, which we all expected, institutions didn’t lose interest,” Adam White, general manager of Coinbase Institutional, told CoinDesk. “It was exactly the opposite.”
Coinbase rolled out a bunch of new features worth trying.
We’re rolling out a suite of new features to help people understand, explore, and buy their first cryptocurrency. Learn more about Coinbase Bundle, Coinbase Asset Pages, and Coinbase Learn here: https://t.co/djQbqGkDKI
— Coinbase (@coinbase) September 27, 2018
The recent market turndown may seem negative to most people
If Bitcoin’s price returned to it all-time high of $19,535, people who are buying in now would enjoy a 400% of their investment.
Such kind of potential returns definitely don’t go unnoticed by financial professionals, and it’s not a surprise that Coinbase is heavily investing ion catering for institutional investors at the moment.
Coinbase’s valuation could quadruple
It was also recently reported that Coinbase’s value could quadruple.
Tiger Global U.K. hedge fund mainly invests in global consumer brands, and now it’s reportedly considering a $500 million investment in Coinbase.
This would boost the platform’s valuation close to $8 billion, and such an investment could make Coinbase one of the highest valued U.S. startups.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.