In May 2018, Coinbase opened an office in Chicago as part of an ambitious plan to expand its trading products and tap the city’s finance expertise. Less than a year later, the cryptocurrency company is abandoning those plans, and laying off approximately 30 engineers in the process.
In a statement on Tuesday, Coinbase said it would shut down the office and scale back plans to build a new “matching engine” product aimed at high-frequency trading.
“We have made the difficult decision to consolidate the matching engine efforts and thus wind down the matching engine team in Chicago. We will look to relocate a small number of Chicago-based matching engine employees to San Francisco,” said the company.
The layoffs come after a frenetic 2018 during which Coinbase tripled its employee headcount to around 800 people even as cryptocurrency prices and trading volumes declined dramatically.