Coinbase is one of the largest cryptocurrency exchanges in the world. Two years ago, it was arguably the biggest exchange in the world and at the height of the crypto-boom was boasting of opening up to 100,000 accounts a day. But in the last two years, much like the market, the exchange has been on a decline. In its place, Binance has become the world leader boasting of the highest trades. Coinbase could, however, be looking to reclaim its place at the table. The exchange has announced that a former Google VP is joining the team as the new chief product officer. It has also announced that its custody unit is setting up in Dublin in an effort to expand its institutional foothold.
Coinbase is reported to hold $7 billion in assets and of this, only $1 billion is owned by non-US residents. This is something the exchange is looking to change in 2020. While operating in Dublin, it will make it easier for non-US residents to deposit their assets. Coinbase Custody CEO, who was speaking to CNBC, noted that Europe was Coinbase’s “biggest geographic segment of growth.” He also added that from Dublin, the exchange would be able to service most of Asia and other world markets.
One of Coinbase’s biggest setbacks has been its primary market being in the US. While the exchange has been concerned with its local market, other exchanges like Binance have been expanding globally. The set up in Dublin is a step in the right direction and is expected to see Coinbase custody holding grow.
Ex-Google VP Joins Coinbase
The exchange has also announced the hiring of a former Google VP. Surojit Chatterjee who will join Coinbase as its chief product officer. This position has been vacant since the departure of Jeremy Henrickson at the end of 2018. Chatterjee is expected to revamp the exchange and help it attract new customers.
After 11 years of working with Google, Chatterjee is not short of experience and Coibase will look to capitalize on this. He has also shared his interest in cryptocurrencies. Particularly, how they separate money from the state. Coinbase CEO, Brian Armstrong, has welcomed the arrival of Chatterjee.
Coinbase has started the year strong and is looking to double down on its efforts to become the world leader among crypto exchanges.