San Francisco-based cryptocurrency exchange Coinbase has reportedly doubled its staff from 250 to 500 since setting the goal earlier this year.
According to a report by Business Insider that cites a company spokesperson, Coinbase has added the staff members quicker than anticipated, despite a massive on-going bear market that has significantly hurt trading volume.
Coinbase’s growth comes while competing cryptocurrency exchanges have consolidated operations. San Francisco-based Kraken has reportedly laid off 57 North America-based employees, reducing the exchange’s client services team by 10%.
This news comes just days after a separate report Business Insider revealed that Coinbase is exploring a possible crypto-based exchange-traded fund (ETF) through a collaboration with BlackRock, the world’s largest asset manager with more than $6.3 trillion AUM.
Trading activity on Coinbase has reportedly dropped 83% since hitting all-time highs this past January.
More: Coinbase, the cryptocurrency powerhouse, has doubled its staff to 500 even amid bitcoin market rout
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.