It is reported that the San Francisco-based crypto exchange Coinbase doubled its staff from 250 to 500 employees earlier this year.
According to the Business Insider report, quoted by the company’s representative, Coinbase added employees faster than expected, despite the massive ongoing “bear market” that significantly damaged the volume of trade. The staff is now completely focused on becoming a fully SEC-regulated broker-dealer.
Coinbase wants to offer services and products for institutional investors. At the same time, it also wants to add support for ERC-20 tokens.
The growth of the fund occurs while the competing cryptocurrency exchanges conduct consolidated operations.
The news came a few days after a separate Business Insider report showed that Coinbase was studying a possible crypto exchange fund in cooperation with BlackRock, the world’s largest asset manager with more than $ 6.3 trillion AUM.
Trading activity on Coinbase is reported to have fallen by 83% since reaching record highs in January this year.