Coinbase announced on Tuesday that it plans to launch a new suite of institutional product offerings to facilitate their cryptocurrency investment and trading needs. In a press release announcing the news, the company also confirmed the addition of a new Chicago office tasked with enhancing the development of the Coinbase Markets product offering.
The new institutional product offerings will include Coinbase Custody and Coinbase Prime, as well as improvements to the company’s Coinbase Markets product. Coinbase Vice President Adam White explained the company’s expansion decisions, noting increased demand for these types of solutions:
"There is clear demand from institutional clients and financial services professionals for more specific solutions with regard to cryptocurrencies that address their sophisticated needs. Through new products like Coinbase Prime and Coinbase Custody, we're building the necessary capability for institutions that allows cryptocurrencies to be traded and stored in a compliant, trusted and efficient manner."
The Chicago Coinbase office is reported to have six employees on staff, according to the Chicago Tribune. The company apparently has plans to hire two dozen other employees throughout 2018 and intends to employ 100 people by 2021.
The Tribune report cites Coinbase’s desire to “be close to burgeoning digital currency markets, big investors,” and “a vast pool of local talent” for the company’s decision to launch an office in Chicago. The office is being led by Paul Bauerschmidt, who previously served as an executive for CME. He praised the city’s talent pool, noting:
“The talent that’s here in Chicago, you can’t find anywhere else. And especially getting as many of the key staff as we need. It’s really exciting to be able to build it here.”