Coinbase to close its Chicago office and cut 30 developers, CoinDesk writes.

Coinbase dismantles its trading technology division

Crypto exchange Coinbase to close its Chicago office and lay off 30 developers, CoinDesk writes.

The Chicago unit operated under the Coinbase Markets project and was responsible for creating specialized market technologies such as order matching engines and high frequency trading tools..

According to Coinbase, a year after opening this office, it made the difficult decision to shift its functions to a division in San Francisco doing similar work..

At the time of its opening, Coinbase was making quite ambitious plans for the Chicago branch, which was supposed to provide the company "access to a wide range of developers with extensive experience in working with exchange infrastructure", and support it in the formation of "the most productive and reliable cryptocurrency exchanges".

The abandonment of the Coinbase Markets project is another confirmation of the changing priorities of the company, which increasingly focuses on large institutional clients, the service of which requires additional resources to be allocated to areas such as asset holding and OTC trading..

Last week it became known that one of the Coinbase investors is the famous tennis player Serena Williams..

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