Coinbase to Join Forces with Caspian

Coinbase hopes to attract big players with Caspian's tools
25 September 2018   1779

Representatives of the platform for the cryptocurrency assets management Caspian announced a partnership with Coinbase. This is reported in the company's blog.

Caspian will provide Coinbase with a wide range of tools for cryptotrading, aimed at institutional investors. The platform will also assist financial institutions interested in working with digital assets.

We’re delighted to cement this important partnership with Coinbase, which will see one of the world’s leading digital currency trading venues join forces with one of the most exciting emerging crypto platforms. Our goal at Caspian has always been to make it is as frictionless as possible for professional traders and investors to trade and manage portfolios of cryptocurrencies in order to drive exponential growth in this market and we’re delighted that Coinbase shares this vision.
 

Robert Dykes

CEO, Caspian

The partnership will involve such products for institutional investors as Coinbase Prime, Coinbase Custody and the Coinbase Institutional Coverage Group support service.

According to the director of institutional sales of Coinbase, the set of Caspian's tools will give traders access to extensive historical market data and a pool of liquidity Coinbase.

Coinbase to Close Chicago Office

Despite half of billion 2018 revenue, 30 employees of the biggest US crypto exchange are going to lose their jobs
24 April 2019   183

The leading cryptocurrency exchange and the wallet provider Coinbase decided to close its office in Chicago. About 30 employees will lose their jobs, said President and COO Asiff Hirji in an interview with the Wall Street Journal.

The Chicago unit focused on high-frequency trading (HFT) traders, and the potential increase in activity in this area could lead to an increase in Coinbase trading volumes and revenues. However, this direction, apparently, is no longer included in the priority list.

HFT companies play a large, albeit controversial role in the US stock and futures markets. According to some estimates, they account for about half of the daily trading volume on the stock exchanges, but more traditional investors are wary of them, suggesting that such firms take profits from them, going in and out of stocks, while slower players make deal.

Coinbase announced plans to attract HFT traders through technical updates, including speeding up the engine for matching trade requests last year.

Asiff Hirji also noted that as of the end of 2018, Coinbase had about 600 employees, and despite the elimination of 30 jobs in Chicago, the company intends to further expand this number.

Earlier this month, it was reported that in 2018, a Californian company, despite the market decline, earned about $ 520 million.