Top crypto trading platform Coinbase is closing its Chicago office which opened just a year ago, and as a result, 30 employees were let off.
The company’s Chicago division which is also called Coinbase Markets was focused on developing complex electronic markets technologies such as matching engines and fast trading for digital assets.
Coinbase stated that it has taken the difficult decision to merge the matching engine development done in Chicago with the similar work done by its San Francisco team.
“To become the ‘Google of crypto’ we have to be comfortable making big bets. Some of them will be audacious and some of them won’t work out.” – said a Coinbase spokesperson.
When Coinbase Markets first opened, the company’s blog made a post saying that the Chicago office would give “access to a large talent pool of engineers with deep exchange infrastructure experience” and “enable us to continue offering the most performant and reliable cryptocurrency exchange.”