Coinbase to Expand Workforce by 1,000 Jobs in 2025

In a significant announcement, Coinbase CEO Brian Armstrong revealed that the company is set to add 1,000 new jobs in the United States by 2025. This ambitious hiring plan is largely attributed to the pro-crypto policies championed by US President Donald Trump since he took office. Armstrong made this statement during a video posted on X on March 7, emphasizing the positive impact of these policies on the crypto exchange’s growth.

Impact of Trump’s Policies on Coinbase

Armstrong stated, “Coinbase is planning to hire about 1,000 people in the United States this year as a direct result of his actions already in the first 60 days or so.” He further highlighted that the current Congress is the most pro-crypto in history, which has created a favorable environment for companies like Coinbase to thrive.

Growth in Workforce

The addition of 1,000 employees would represent a substantial increase of approximately 27% in Coinbase’s total workforce, which currently stands at 3,772 employees, according to recent data from Stockanalysis. This growth comes at a time when the crypto market is experiencing fluctuations, with Coinbase’s stock price dropping by 22.40% over the past month. As of March 7, COIN’s stock closed at $217.45, as reported by Google Finance.

Coinbase’s Recent Challenges

Despite the optimistic hiring plans, Coinbase has faced challenges in the past. Just two years ago, the company laid off a similar number of employees amid the ongoing crypto winter. In January 2023, Armstrong announced job cuts as part of measures to reduce operating costs by around 25%. He emphasized that while Coinbase is “well capitalized,” it needed to implement layoffs to maintain “appropriate operational efficiency.”

Crypto Summit Insights

Armstrong filmed his announcement outside the White House in Washington D.C., following his attendance at the White House Crypto Summit. He was joined by notable figures in the crypto industry, including Gemini founders Tyler and Cameron Winklevoss, Strategy founder Michael Saylor, and Crypto.com CEO Kris Marszalek. The summit underscored the growing recognition of the crypto sector’s potential and the importance of supportive regulatory frameworks.

Looking Ahead: The Future of Coinbase

As Coinbase prepares to expand its workforce, the company is positioning itself for future growth in a rapidly evolving market. The hiring spree reflects confidence in the long-term viability of cryptocurrencies, despite recent market volatility. Armstrong’s comments suggest that Coinbase is committed to navigating the challenges of the crypto landscape while capitalizing on opportunities presented by favorable policies.

For more details on this announcement, you can read the original article here.