The Nasdaq-listed crypto exchange Coinbase is set to launch its office in New York. With a valuation of $83 billion, one of America’s prominent digital assets trading platforms has previously been operating from San Francisco.
But following its historic public listing, the company revealed its plans to expand in viable states across America. Interestingly, the most vibrant market of New York remains its main target.
In April this year, the virtual currencies trading platform became the first such startup to be listed on Nasdaq. Over the last few months, the firm has been on track, and things are working in favor of the exchange. Reportedly, Coinbase has already leased a 30,000 square-foot space in Hudson Yards.
Although the location might be small compared to its office in San Francisco, it is still a massive expansion for the company. Since its listing, there has been a tremendous increase in interest around digital assets, which eventually led to a boom in the platform’s customer base. Hence, the urgency for it to expand its services and locations.
Hudson Yards, where the new office of Coinbase is expected to be set up, is quite famous for hosting major law, media, and corporate elements. But the tech company would be the first one to establish its office there.
Soon after its listing in Nasdaq, the price of the company’s stock skyrocketed to $341, which coincided with the positive trend in the crypto market, with BTC touching its all-time high of $40K. But later, both the market and Coinbase’s stocks took a hit. As of last week, its stock was being traded at $223.