Coinbase closes office in Chicago

The platform also announced a reduction in its workforce, especially its staff of engineers, despite the bonanza reached in 2018

The main crypto exchange of the United States, Coinbase, has just announced the closing of its headquarters in the city of Chicago. The measure also includes a reduction in its payroll of employees.

The cryptocurrency exchange office in Chicago, the “Wind city,” opened in May 2018 as a strategy to “take advantage of the city’s financial experience in one more step to expand its product offering.”

But, despite the fact that in that period the company achieved global revenues of US $ 520 million and increased its workforce to some 800 workers, it has now changed its mind and 30 engineers have been dismissed.

Spokespeople for the company said: “We have made the difficult decision to consolidate the efforts of the corresponding engine and, therefore, reduce the team in Chicago. We will seek to relocate a small number of employees of the Chicago matching engine in San Francisco.”

Beyond this announcement, which represents a delay in the growth of the platform, it was known that in parallel to the layoffs Coinbase will maintain its sales force in Chicago and will continue opening offices opening offices in New York, Portland and London.


Source: Coincrispy

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