Coinbase Aims to Become the NYSE of Cryptos, Doubles Work Force

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Wall street sign in New York City. Source: shutterstock.com

Coinbase is one of the most prominent cryptocurrency exchanges in the US that is leading the cryptocurrency revolution from the front. The company has recently doubled its staff, meeting one of its 2018 targets. In an effort to become the NYSE for cryptocurrencies, the platform is now looking for expansion opportunities as well.

Coinbase Now Has 500 Employees

The San Francisco based cryptocurrency platform now has 500 staff members. The company has recently added several new employees from top Wall Street firms like Credit Suisse, Apex and the New York Stock Exchange. The company now has offices in Chicago, Portland, Dublin, and Tokyo. It also has institutional businesses running in full swing. Recently, it upped the ante in its UK business, adding GBP support for its British customers.

The company continues to move forward despite what’s happening in the cryptocurrency market. Kraken, another prominent digital coin exchange, has laid off 10 percent of staff in one of its business units to keep costs low. At the same time, cryptocurrency prices have fallen by over 50 percent since December 2017. Prices have since not moved anywhere close to their December highs, sending waves of disappointments through the markets. At this time, Coinbase’s plans to invest more and expand in prominent markets seem extraordinary.

Becoming the NYSE of Crypto Exchanges?

Brian Armstrong, CEO at Coinbase, revealed some grand plans for the company’s future. Speaking at the TechCrunch Disrupt Conference in San Francisco, he said that Coinbase intends to function as the New York Stock Exchange for digital currencies. Not only this — he also suggested that Coinbase will act as a bridge between crypto and fiat in the future. He said:

“It makes sense that any company out there who has a cap table… should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens. […] We want to be the bridge all over the world where people come, and they take fiat currency, and they can get it into these different cryptocurrencies.”

Coinbase also intends to become a fully regulated broker-dealer for digital currencies and recently suggested its intentions to launch a Bitcoin ETF.

Coinbase Aims to Become the NYSE of Cryptos, Doubles Work Force was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.