The San Franciso based US’s largest crypto exchange, Coinbase is now focusing on to strengthen its New-York based institutional team and has plans to raise the headcount from present 20 to 150, by next year, more than seven times the present. The New York office was opened last week that caters to the need of all the institutional crypto players. The opening of the New York office has been strategic all the big players in the blockchain and cryptocurrency world is based in the city.
Also, for the company, it will become easier to deal with authorities as New York is also home to the New York State Department of Financial Services (NYDFS), the governing body that issues the BitLicense. The opening of its new office indicates the shift in the company’s focus as its retail-focused operation is not getting enough traction.
Coinbase’s head of institutional sales, Christine Sandler has told an online publication that its new institutional strategy will not conflict with the company’s previous business operation and will continue to run independently. She firmly believes that institutional investors will fuel the mainstream adoption of cryptocurrencies. She said:
“We want to partner with appropriate institutions to help the whole ecosystem grow. It’s not ‘institutional or retail,’ because a lot of these institutions will be distributors.”
Adam White, the General Manager of Coinbase Institutional added:
“When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite.”
“We have to create a bridge between financial services and technology. In order to do that, we need to pull from some of the best and brightest minds that have worked their whole careers in other kinds of traditional financial firms.”
The company’s New York office has the presence of all major wall-street firms including New York Stock Exchange, Barclays, and Citigroup. Coinbase is aggressively building up its team with currently over 500 employees across the globe. The company is planning its expansion into Asia and Latin America soon and has already opened its office in Japan and is awaiting Japan’s Financial Services Agency certification.