By Coinbase, the well-known digital asset exchange founded in June 2012 is expanding at a rapid rate. Originally headquartered in San Francisco, Coinbase recently celebrated the opening of its first permanent location in New York City and plans to further expand its operation there by 100 – 130 employees next year.
The company’s aggressive growth plan is in line with recent market research which showed that despite corrections in the marketplace which led to a slump in cryptocurrency prices, institutional demand for cryptocurrencies is expected to continue to grow. The correction in market demand and the slump in cryptocurrency prices is seen to be a short-term correction and is not expected to affect long-term growth. Coinbase found the short-term correction in the crypto market to be a good opportunity for investors to enter the market.
A recent industry report by SharePost, similarly found that there is a growing demand and positive outlook for cryptocurrencies with the majority of investors and consumers surveyed planning to increase their holdings within the next 12 months. Regardless of the 60% decline in cryptocurrency valuations during 2018, consumers and investors continue to offer a robust, long-term outlook for cryptocurrency. This growing demand for cryptocurrency places Coinbase in a favorable position to expand its position in the market as the exchange broker of choice to many. Although there are several other exchanges, Coinbase is considered by both consumers and investors to be the most popular application and is widely believed to be the exchange broker with the most potential for long-term success. 
Now Hiring
Coinbase is looking to hire top achievers that have solid experience in traditional financial firms, with the objective being to bridge the gap between financial services and technology. Locally, New York City has a pool of talent as good as anywhere else in the world and existing staff members were sourced from local commercial banks as well as the New York Stock Exchange to fill the new positions in Coinbase’s New York office.
Partnering with Appropriate Institutions to Facilitate Retail Growth
Christine Sandler, Coinbase’s head of institutional sales, outlined Coinbase’s strategy of proposing to partner with appropriate institutions in order to facilitate the overall growth in the cryptocurrency market. Her view is that institutional distribution could be the key to the mainstream adoption of cryptocurrencies. As a result, Coinbase plans to offer its services on both an institutional and retail level. With more institutions becoming potential distributors, Coinbase will have a focus on retail as well as on institutional investors. Coinbase’s institutional custody, asset management, and trading services are being employed to support such a strategy.
Coinbase’s Worldwide Operation
Coinbase, arguably the world’s largest digital currency exchange broker, already offers its services to users all around the world. Coinbase is however further planning to expand its operations on an international level. The company’s strategy is to become a global entity and for this purpose does not want to limit its operation to solely that of a U.S company. Coinbase is, therefore, planning to expand in Asia and Latin America in the near future and has already made the move to broaden its international base by recently establishing an office in Tokyo, Japan.
What do you think of Coinbase’s plan for rapid expansion? Is this bullish approach appropriate for the current crypto market or do you believe a more conservative approach is necessary? Give us your thoughts in the comments below.
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