Cryptocurrency exchange Coinbase is purportedly shutting down its Chicago office, due to lack of mainstream financial players, reported news portal Wall Street Journal.
In an interview with the news portal, Coinbase President and Chief Operating Officer Asiff Hirji said, “Coinbase laid off about 30 people in its Chicago office who had been working to improve the company’s technology to cater to speedy traders. The employees had been hired from local firms like futures exchange giant CME Group Inc. CME 0.01% and high-speed trader Jump Trading LLC.”
Hirji added Coinbase is focused on a growing business with financial institutions like hedge funds, endowments and family offices, rather than serving high-speed traders. A San Francisco-based team at Coinbase has sped up the firm’s matching engine by a factor of 20 compared with late 2017, when an influx of investor interest in bitcoin caused slowdowns and glitches at many crypto exchanges
The portal noted that high frequency trading or HFT plays a huge role in US stock markets. But often, they are regarded with suspicion by more traditional investors, who fear that HFT firms eat into their profits by zipping in and out of stocks while slower-moving players execute trades. Going against the grain, the exchange had upgraded their technology to attract ultrafast traders, including speeding up its matching engine, the system that brings together buy and sell orders.
Recently, the exchange was in the news when it announced that it was expanding its services to 11 countries, including India. The company had said, “One year ago, Coinbase served customers in 32 countries across two continents. Over the past 12 months, one of our main priorities has been to bring Coinbase services to people in all corners of the globe. Today we’re excited to welcome 11 more countries across Latin America and Southeast Asia to the cryptoeconomy by allowing customers to store, trade, send, and receive cryptocurrencies on Coinbase Pro and Coinbase.com — increasing the reach to 53 countries, spread across four continents.”
Apart from that, four-time Olympic Gold winner in tennis and one of the world’s most successful tennis player of all time, Serena Williams through one of her Instagram post revealed her investments in US cryptocurrency exchange Coinbase.
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