Popular cryptocurrency exchange Coinbase is setting up an office in New York.
Coinbase Is Opening an Office in New York
Based in San Francisco, Coinbase has established itself as a leading digital currency trading hub following news in April that it would be the first crypto exchange in the history of the space to go public on the Nasdaq, though share trading has been somewhat of a rocky process. In addition, the company has recently added Dogecoin to its list of tradeable assets given how popular the currency has become.
But this news of setting up an office in New York probably takes the cake given that the Big Apple has not always been kind to cryptocurrency-based businesses and service providers. About six years ago, New York established what is known as the BitLicense, which every crypto-based enterprise would have to garner if it wanted to provide services to customers in the region.
The BitLicense was – and still is, in many ways – viewed through a harsh lens by many blockchain enterprises that claim it invokes high fees and restrictive measures designed to limit their abilities to give customers what they need. As a result, several blockchain companies that were at one time working in New York simply packed up and vowed never to do business in the area again.
Coinbase itself has not always had jurisdiction in New York, though this new establishment may change things as the platform seeks to become a bi-coastal company. The headquarters will be stationed inside a 30,000-square foot setting within the Steven A. Cohen Point72 Asset Management building at Related Co’s 55 Hudson Yards. Overall, there are 339,000 square feet to be had in the building, so Coinbase will not be taking up too much space, but it is certainly a huge step in the right direction.
For the most part, the building is utilized by corporate media companies and law firms. This will be among the first times it is used for tech purposes. One anonymous market watcher explained in an interview:
It is a new brand of user not only for Related’s Hudson Yards, but also for the entire far West Side area.
This Marks a Huge Change
Coinbase is valued at approximately $85 billion, making it one of the largest crypto trading enterprises in the world, though it is still beaten out by companies such as Binance, which allegedly boasts the largest trading volumes of any crypto exchange in existence.
Either way, Coinbase is marking a rapid change in the world of professional workers according to a new CBRE report, which says that the leasing and subleasing of office space is reaching new highs given the amount of one-time remote workers – performing their duties from home due to the growing coronavirus pandemic – that are returning to their desks and working alongside others in offices.