Coinbase is reportedly planning to open a Chicago office.
According to Business Insider, the popular cryptocurrency company already has a temporary space and a few staffers in Chicago. An official office could be up and running by the third quarter of this year, according to BI.
The idea is that Coinbase is looking to attract top trading talent as it continues to grow, and Chicago is home to major trading firms like the Chicago Stock Exchange, Cboe, CME Group and DRW.
Coinbase currently has two Chicago job openings on its website, including an office manager and a senior technical recruiter.
The move is reportedly part of a greater strategy to elevate Coinbase from its startup roots into a more established trading firm. Coinbase is also starting support for block trades, showing that it's prepared to compete with other cryptocurrency exchanges like Gemini, according to BI.
We sent an email to the company requesting information on its Chicago plans, and a Coinbase spokeswoman declined to comment.
Coinbase, which launched in 2012, is a digital cryptocurrency wallet that allows people to buy and sell bitcoin, etherium and other digital currency. It has exploded in popularity over the last year as people have become increasingly interested in crypto trading. It has raised over $225 million in venture capital funding.
A Coinbase office in Chicago would be just the latest San Francisco tech company to open a location in Chicago. Reddit announced last week that it plans to have a dedicated office in Chicago by the end of the year. Google, Facebook, Twitter, Pinterest, and others all have established and growing spaces in Chicago.
