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bitcoin

Coinbase, the cryptocurrency powerhouse, has doubled its staff to 500 even amid bitcoin market rout


caption
A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration.
source
Reuters/Dado Ruvic
  • Bitcoin, the largest cryptocurrency, has shed 50% of
    its value since the beginning of the year.
  • But Coinbase, a cryptocurrency exchange, in recent
    weeks hit its target to double its staff in 2018.

Coinbase, the cryptocurrency exchange operator, has doubled its
staff even as the market for digital assets sheds billions.

The exchange, which Business Insider on Thursday
reported has been looking into a crypto ETF
, is known for its
wide-ranging business model. The firm covers trading, asset
management, custody, brokerage, and other businesses tied to the
nascent digital asset market.

In February, the firm told Business Insider that it would

double its staff from 250 people to 500 by the end of 2018
.
Seven months later, Coinbase has already hit that target,
according to a company spokesperson.

The exchange, which was founded in 2012, has been making a big
push into Wall Street, beefing up its institutional business with
hires in recent months from the New York Stock Exchange, Credit
Suisse, and Apex, the clearing house. It has also opened up
offices into Chicago, Tokyo, Dublin, and Portugal in the last
year.

It commands a decent share of the crypto trading market,
according to data by CoinMarketCap. Its exchange platform
Coinbase Pro sees turnover of $138 million over a 24-hour period.
It is the fifteenth largest exchange, according to the site.

Coinbase’s growth has occurred despite a bear market that has
gripped the market for digital currencies for much of 2018, which
has shed billions off the market. Bitcoin, the largest
cryptocurrency, is down
more than 50% since the beginning of the year
.

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Elsewhere, other exchanges have struggled to keep on staff.
Cross-town rival Kraken, for instance, laid of 57 people 10% of
one business unit – to cut costs, according to a Bloomberg
report.

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