TL;DR Breakdown
- Coinbase announces to hire 2000 people by 2022 due to the possibility of a large number of Web3 opportunities
- The cryptocurrency trading platform intends to add products to its platform and also improve security
According to the Coinbase Global platform, COIN+0.37%, it intends to recruit 2,000 employees by 2022 as it anticipates “considerable product potentials ahead for the future of Web3,” a third-generation of the internet based on blockchain.
The hiring spree will see the platform more than double its current number of 5,000 employees as it eyes a whopping $15 billion (USD) valuation by 2022 which is about 2 times today’s value.
This plan was announced at Coinbase’s first annual blockchain conference which was held in California on Tuesday this week.
Coinbase hints at adding products to its platform
Coinbase (stock ticker: COIN) announced that it intends to hire staff across its product, engineering, and design teams in 2022. In the report, LJ Brock the chief officer of people at Coinbase said that he thinks the crypto company is still at its early stages, and creating entry points for investors to take part is critical to the next generation use case of cryptocurrency. He added that they are also bringing in products that host user-generated content like NFTs and are excited about their ambitious future plans for Coinbase Wallet as well as increasing security.
Some of the areas that Coinbase will be focusing on are its wallet, exchange, custody, and venture arms. All these have an aggregate of about 1,000 employees today.
The company added that it is also looking to greatly “accelerate new engineering” for its blockchain initiatives which will see the overall number of engineers grow by over 150%.
The plan is part of the company’s 10-year roadmap disclosed in January this year, which it said will see it grow to be a $1 trillion (USD) company.
Coinbase CEO Brian Armstrong, who opened the event on Tuesday, was quoted as saying: “This is an important moment for the crypto industry, yet it’s just the beginning. It’s incredible to see how far this industry has come in such a short time, but what really matters is what comes next … We already have hundreds of people dedicated to crypto, and today we want some more. Our new office will be at the heart of this emergent location economy – a hotbed for talent and innovation.”
The new office is expected to start this year and will be located in the heart of San Francisco, 25 Monument Mall. Coinbase hired more than 3000 employees in July 2021. The company announced that it had expanded the number of support service providers in its business by a factor of 5 times in a blog.
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