Coinbase Chief Executive Officer Brian Armstrong mentioned that the robust backing for cryptocurrency from United States President Donald Trump has prompted the exchange to embark on a recruitment drive within the US.
“Coinbase intends to employ approximately 1,000 individuals in the United States this year as a direct consequence of his actions within the first 60 days or so,” Armstrong stated in a video shared on X on March 7.
Recruitment drive set to substantially increase Coinbase’s workforce
“These regulations truly matter; this is the most pro-crypto Congress we’ve ever witnessed as well,” he remarked. Adding 1,000 additional employees would elevate Coinbase’s total staff by approximately 27%, based on Stockanalysis’ latest statistics, indicating that the cryptocurrency exchange currently employs 3,772 individuals.
Source: Brian Armstrong
Armstrong recorded the face-to-camera message outside the White House in Washington D.C. after participating in the White House Crypto Summit with various prominent figures in the cryptocurrency sector including Gemini founders Tyler and Cameron Winklevoss, Strategy founder Michael Saylor, and Crypto.com CEO Kris Marszalek.
COIN value declines amidst broader market downturn
“We just departed the digital asset summit at the White House. It was an extraordinary event and a truly historic moment for our sector,” Armstrong remarked.
“President Trump has revitalized the cryptocurrency industry,” he continued.
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The recruitment strategy comes even as Coinbase’s (COIN) share price has decreased by 22.40% in the previous month. COIN’s value was recorded at $217.45 on March 7, as per Google Finance data.
The downturn corresponds with a broader decline in both the cryptocurrency and stock markets following Trump’s proposed tariffs on China, Canada, and Mexico on February 1.
Source: Google Finance
In contrast, merely two years prior, the cryptocurrency exchange had to downsize its workforce by a comparable number during the ongoing crypto winter. In January 2023, Armstrong announced plans to eliminate 950 positions as part of the company’s efforts to reduce operational expenses by approximately 25%.
Armstrong highlighted at that time that Coinbase is “well capitalized” and crypto “isn’t going anywhere,” but the business must proceed with layoffs to ensure “adequate operational efficiency.”
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