As Bitcoin investors rode the wave of excitement when value rose to over 17,000 a coin in late 2017, financial institutions and investors all over the world raised a curious eyebrow. Now, the San Francisco-based Coinbase is bringing cryptocurrency exchange to the epicenter of Chicago’s financial hub.
The move is a major boon to the city, as the Chicago Coinbase office will look to employ thirty Chicagoans, with plans to expand to 100 new jobs within three years.
Chicago also offers Coinbase a prime position in the fight for institutional investors to grant wide acceptance to cryptocurrency as a stable investment for their clients.
In late 2017, the Chicago Mercantile Exchange and the Chicago Board Options Exchange became the first traditional exchanges to trade cryptocurrency, which gave the digital currency a massive amount of credibility in the largest investment circles.
Reports are that the new service will likely be launched on GDAX, a more widely-accepted and professional exchange platform. This would help them attract more traditional institutional investors and fund managers.
In addition, they will roll out a new service called Coinbase Prime, which features tools and services designed for larger investors to start trading and manage sophisticated exchange systems.
They also offer Coinbase Custody, designed for large firms to store $10 Million-plus in cryptocurrency, along with a Coinbase Index Fund, and an Asset Management Service.
Coinbase’s offices not only create more jobs in Chicago’s traditional financial exchange markets, but offers investors a helping hand into the burgeoning world of digital currency.
For more of the latest Business information, conversations, and resources, bookmark our #CD Business page at: www.chicagodevotion.com/cd-business/.
Stay informed! Follow @ChicagoDevotion on social media at our Facebook Page, our Twitter Page, and subscribe to our YouTube Channel.
