In a significant move to bolster its institutional services, leading cryptocurrency exchange Coinbase has opened a new office in New York City. The company plans to expand its local team from 20 to 150 employees, underscoring its commitment to serving Wall Street clients despite market fluctuations.
According to Adam White, General Manager of Coinbase Institutional, the recent correction in cryptocurrency prices did not dampen institutional interest. Instead, many institutions viewed it as an opportunity to enter the market under less speculative conditions.
Deep Talent Pool and Strategic Hiring
New York’s rich talent ecosystem has allowed Coinbase to attract professionals from established financial institutions like the New York Stock Exchange, Barclays, and Citigroup. White emphasized the importance of building a bridge between traditional finance and emerging digital asset technologies, which requires hiring experts with deep experience in conventional markets.
The new office is designed to provide corporate clients with a secure and professional environment. Christine Sandler, Co-Head of Institutional Sales at Coinbase and a former NYSE executive, noted that the facility features security measures comparable to those of major financial exchanges.
Balancing Institutional and Retail Services
Sandler clarified that the company’s growing focus on institutional services—including custody, asset management, and trading—does not conflict with its historical commitment to retail investors. She believes that partnering with institutions is essential for mainstream adoption, as many will act as distributors, ultimately benefiting the entire ecosystem.
Globally, Coinbase has been on a hiring spree throughout 2018, expanding its workforce to over 500 employees. The New York office is just one part of a broader international strategy that includes establishing a presence in Asia and Latin America.
The company has already begun setting up an office in Tokyo and is pursuing regulatory approval from Japan’s Financial Services Agency. As White stated, “We're committed to not being a U.S. company,” highlighting Coinbase’s ambition to become a truly global platform.
👉 Explore institutional crypto services
Frequently Asked Questions
Why is Coinbase expanding in New York?
Coinbase is targeting New York due to its deep pool of financial talent and its status as a global hub for institutional finance. The expansion aims to better serve corporate and institutional clients seeking exposure to digital assets.
How does Coinbalance balance retail and institutional services?
The company views institutional adoption as complementary to its retail services. By partnering with established financial firms, Coinbase aims to broaden distribution channels and enhance mainstream acceptance of cryptocurrencies.
What types of roles is Coinbase hiring for in New York?
The exchange is recruiting professionals with backgrounds in traditional finance, including compliance, sales, asset management, and security—roles that support its institutional custody and trading offerings.
Is Coinbase focusing only on the U.S. market?
No. While the New York expansion is significant, Coinbase is also establishing offices in international markets like Japan and exploring opportunities in Asia and Latin America.
How does market volatility affect institutional interest?
According to Coinbase, institutional investors often see market corrections as entry opportunities rather than deterrents, allowing them to invest under less frothy conditions.
What security measures are in place for institutional clients?
The New York office features security protocols comparable to those used by major traditional financial exchanges, ensuring a safe environment for corporate client visits and operations.