Coinbase Shuts Chicago Office as Crypto Slump Continues14

In May 2018, Coinbase opened an office in Chicago as part of an ambitious plan to expand its trading products and tap the city’s finance expertise. Less than a year later, the cryptocurrency company is abandoning those plans, and laying off approximately 30 engineers in the process.

In a statement on Tuesday, Coinbase said it would shut down the office and scale back plans to build a new “matching engine” product aimed at high-frequency trading.

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