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Coinbase closes Chicago office, fires employees

coinbase-chicago

Coinbase, the United States based cryptocurrency exchange, just got rid of 30 employees alongside its Chicago office.

Bold plans fell apart

According to Fortune, this news comes to us less than a year after opening. In a statement, the company said:

“We have made the difficult decision to consolidate the matching engine efforts and thus wind down the matching engine team in Chicago. We will look to relocate a small number of Chicago-based matching engine employees to San Francisco.”

Moreover, the group will be backing off on its goal of creating a “matching engine” that would help with high-frequency trading.

Speaking to the publication, one employee claims that while the shutdown is frustrating, Coinbase is still hiring in other spaces. They also remarked that the company won’t focus on high-frequency trading anymore and will instead work on other, newer creations. Some of this refers to the over-the-counter trading and custody features it introduced in 2018.

Surprisingly, this news comes to us after last year, where Coinbase hired a bunch of employees. The company hit 800 workers despite the bearish state of the market.

Following the herd

This isn’t the first case of exchanges cutting their employees, however, as the market has been extremely volatile lately. For example, the fifth-largest Korean exchange, Coinnest, recently shut down.

However, Coinbase has been working on all sorts of projects. To start, the platform recently announced its Securitize “compliance program and protocol for token issues”. Before that, Coinbase secretly brought in a Ripple (XRP) trading service.

CEO Brian Armstrong has also been in the news lately. He’s recently quoted as describing what cryptocurrency needs for mass adoption.

Regardless, Coinbase still remains a popular space to purchase cryptocurrency. It survived the bear market for the last year and has only been expanding ever since. It’s unlikely that this shut down will affect the company much in the long run.

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