- Coinbase plans to hire 1,000 new employees in the US this year, potentially increasing its workforce by 27%.
- CEO Brian Armstrong credits Trump’s pro-crypto stance as the direct catalyst for this expansion.
- The hiring plans come despite Coinbase’s stock dropping 22.40% over the past month amid broader market declines.
Coinbase is ramping up its US-based workforce in response to what its CEO describes as a dramatically improved regulatory environment for cryptocurrency. This expansion comes as a stark reversal from the company’s position just two years ago when it was cutting jobs during the crypto winter.
Brian Armstrong, Coinbase’s chief executive, announced the exchange’s plans to significantly expand its US operations following his visit to the White House Crypto Summit.
“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,” Armstrong said in a video posted to X on March 7.
The planned workforce expansion would increase Coinbase’s employee count by approximately 27%, based on current staffing levels. According to data from Stockanalysis, the exchange currently employs 3,772 people.
Armstrong recorded his message outside the White House after participating in a summit that brought together industry leaders including the Winklevoss twins from Gemini, Michael Saylor from Strategy, and Kris Marszalek, CEO of crypto.com.
“We just left the digital asset summit at the White House. It was an incredible event and a really historic moment for our industry,” Armstrong stated, adding that “President Trump has breathed life back into the crypto industry.”
The hiring initiative stands in sharp contrast to Coinbase’s situation in January 2023, when the company eliminated 950 positions—nearly equivalent to its current hiring target—as part of cost-reduction measures aimed at cutting operating expenses by 25%.
Despite the optimistic hiring outlook, Coinbase’s stock performance has struggled recently. COIN shares closed at $217.45 on March 7, having declined 22.40% over the previous month, according to Google Finance. This downturn aligns with broader market contractions following Trump’s February 1 announcement of proposed tariffs on China, Canada, and Mexico.
Armstrong previously characterized Coinbase as “well capitalized” during the 2023 layoffs, expressing confidence that cryptocurrency would endure despite market volatility—a position that appears reinforced by the company’s current expansion plans.
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