- 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 Portland 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.
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.
- Coinbase is exploring a crypto ETF, and it has sought help from $6 trillion Wall Street giant BlackRock
Correction: This story has been updated to include Portland in the cities in which Coinbase has opened offices this year.