Coinbase, one of the most prominent cryptocurrency trading platforms, announced has doubled its staff. The platform has now 500 staff employees, reaching the target established for this year. The exchange aims to become the ‘NYSE for cryptocurrencies.’
Coinbase Doubles Down In Bear Market
According to a report from Business Insider, Coinbase has now 500 employees—a bullish sign for cryptocurrency trading in the future. 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.
However, this is not an easy task. Since the last year, the exchange has remained in constant talks with the U.S. Securities and Exchange Commission (SEC). Coinbase wants to be registered as a licensed brokerage and list tokens that the feds determine to be securities. Most of these tokens are related to Initial Coin Offerings (ICOs).
The exchange has also experienced some complaints from users about the customer support provided. Users of the platform filed over 134 pages of complaints with the SEC in which they pointed out different issues.
In order to offer a better service, Coinbase decided to open a new office in Portland, Oregon. In this way, the platform will be able to focus on compliance, customer support, and finance.
As mentioned before, the exchange wants to become the New York Stock Exchange for cryptocurrencies. Brian Armstrong, Coinbase CEO, said during a conference that the platform wants to move into that direction.
“It makes sense that any company out there who has a cap table… should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens. […] We want to be the bridge all over the world where people come and they take fiat currency and they can get into these different cryptocurrencies.”
Regulatory agencies in the US and the world should be clear about their regulations on virtual currencies. For example, the SEC should determine whether ICO tokens are considered securities or not. After it, ICOs and exchanges should have clear rules to operate and provide services and products to their customers.
During this year, Coinbase opened new offices in the United Kingdom and in Japan.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.