Brian Armstrong, CEO of Coinbase, announced the exchange’s plan to hire around 1,000 new employees in the United States by 2025. He attributed this decision to Donald Trump’s strong support for the crypto industry. Armstrong stated that this move is a direct result of Trump’s actions during his first 60 days in office. The increase in staff by 1,000 will boost Coinbase’s workforce by about 27%. Currently, the exchange has 3,772 employees. Armstrong made these remarks after attending the White House crypto summit. The event included prominent figures like Tyler and Cameron Winklevoss, founders of Gemini, Michael Saylor, founder of MicroStrategy, and Kris Marszalek, CEO of Crypto.com. Armstrong described this summit as a historic event for the crypto industry and stated, ‘Trump has once again breathed new life into the crypto industry.’ While Coinbase has extensive hiring plans, its stock price (COIN) has dropped by 22.40% in the past month, reaching $217.45 on March 7th. This decline coincided with an overall drop in crypto and stock markets, triggered by Trump’s proposed tariffs on China, Canada, and Mexico on February 1st. It’s noteworthy that Coinbase laid off 950 employees two years ago to reduce operational costs by about 25% in January 2023. Armstrong emphasized that Coinbase is in a good financial position, but the workforce adjustment was necessary to maintain operational efficiency. Visit the digital currency price page to monitor real-time prices of all tokens and cryptocurrencies.
