Who thinks that 2018 has been a bad year for blockchain and crypto so far, should probably think again. Looking at the current prices of most cryptocurrencies, retail investors might, of course, argue that 2018 hasn’t been great up till now. Looking at all the developments in 2018, however, blockchain and crypto are bigger and better than ever. And thus, getting closer to the ultimate goal… mass adoption! It is therefore not surprising to see that Coinbase, one of the largest cryptocurrency exchanges, already doubled its staff in 2018.
Coinbase, currently the 11th biggest crypto exchange based on daily volume, and probably the biggest name in the crypto ecosystem, has reportedly managed to double its staff members, hitting its 2018 target. At the same time, the company revealed its intentions to become the NYSE for cryptocurrencies. Big plans ahead!
According to a report by Business Insider, the San Francisco-based cryptocurrency exchange has doubled its staff members to 500 already, with new plans that will likely help Coinbase double the number of current employees again in the near future.
At the beginning of the week, an article on Business Insider already revealed that Coinbase is exploring the options for a crypto ETF, using the help from $6 trillion Wall Street giant BlackRock. Apparently, Coinbase has had several conversations with members of BlackRock’s blockchain working group to tap into the firm’s expertise at launching exchange-traded products.
Besides the plan for a possible ETF, earlier this year, Coinbase announced its plans to become a fully SEC-regulated broker-dealer. Furthermore, the company added a suite of products which facilitate institutional investments and also revealed its intentions to expand to Japan. It is clear that Coinbase is moving forward to become one of the biggest companies in the world.
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 other big corporations. It has also opened up offices into Chicago, Tokyo, Dublin, and Portland in the last year.
Coinbase CEO, Brian Armstrong, during TechCrunch Disrupt Conference
Speaking on stage at the TechCrunch Disrupt Conference in San Francisco, the CEO of Coinbase, Brian Armstrong, said that he envisions a future where his company functions as the New York Stock Exchange for cryptocurrencies.
He also holds that the future will see a lot of companies which create their very own tokens and where Coinbase will function as a bridge between cryptocurrencies and fiat.
“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.”