Despite the crypto market being in turbulent waters, the digital currency exchange Coinbase doubles its staff count defying recent trends.
It would be fair to say that it has been a rough ride for many in the nascent cryptosphere as of late, but it would seem that for Coinbase, the future looks very promising indeed. In a report from Business Insider, it has been claimed that Coinbase increased its employee count from 250 to 500 during this year alone.
This is quite impressive, as the exchange has achieved this months ahead of their end of year target. Dan Romero, the VP and General Manager of Coinbase, said in a previous report that he was hoping to double the headcount before the turn of the year.
Big Ambitions for the Future at Coinbase
Coinbase, founded in 2012, has made some bold claims in recent times such as wanting to become the Google of crypto and more recently, the NYSE of crypto securities. In light of recent events, it would be foolish to doubt them.
Widely known to be one of the most popular cryptocurrency exchanges, the company has recently opened up a new office in Portland creating more than 100 job openings. This is close to half of the additional positions that the exchange has created so far this year.
This new office has been set up to primarily focus on customer support, compliance, and human resources. Looking at it now, the move makes perfect sense after considering the 134 pages of complaints that had been filed to the SEC a matter of months ago.
The news that Coinbase has already hit its employee growth targets for the year is made even more impressive considering the current bear market. The recent cost-cutting at Kraken, another well-known cryptocurrency exchange, highlights just how difficult the current climate has been for some companies. Plus, Bitcoin alone has lost more than half its value in 2018, and the story is not much better for many other leading cryptocurrencies.
Coinbase Not Alone in Growth
While crypto companies like Kraken among others have been struggling, Coinbase has joined an elite of exchanges all experiencing healthy growth in 2018. Binance and BitMEX have also enjoyed a good year to date. The latter has been setting industry records in terms of trading, and the former targetting $1 billion in profits for the current year.
While the overall cryptocurrency market is not enjoying as much prosperity as many might have hoped for 2018, at the moment, there is still plenty of positivity with success stories coming from companies like Coinbase, Binance, and BitMEX that can give all of us some much-needed confidence.