Coinbase is showing aggressive plans for growth in their newly opened New York officer which caters to institutional investors.
Coinbase has plans to expand their NYC operation to 150 employees next year from the current 20. According to Coinbase, the fall of digital asset prices has not dropped interest from instituional investors.
Much of the local staff of the new office previously worked in the New York Stock Exchange, Barclays, and Citigroup.
The NY office has security comparable to the NYSE to make institutional clients more comfortable.
Coinbase sees institutional distribution as the key to mainstream crypto adoption and does not see institutional asset management, custody, and trading as conflicting with retail investors.
Coinbase has been hiring new employees with over 500 employees total worldwide. New York isn't the only office Coibase is using to attract institutional investors with their esteablishing a new office on Tokyo this summer and with their eyes on Latin America and further expansion into Asia.