NEW YORK — Coinbase—a leading cryptocurrency platform and blockchain technology company—plans to significantly expand its research and development operations in New York City, creating more than 630 new high-tech R&D jobs and bringing the company’s total New York workforce to more than 1,000 employees over the next several years. The expansion marks the New York operation becoming Coinbase’s East Coast hub for R&D and institutional and regulatory initiatives.
The company said it will invest more than $750 million in annual R&D spending and will be supported by a $5 million performance-based Excelsior Tax Credit from Empire State Development. This major commitment strengthens New York’s position as a major hub for next-generation technology and affirms the state’s leadership in shaping the future of the digital economy.
Empire State Development President, CEO and Commissioner Hope Knight said, “New York is where next-generation financial and technology companies come to build, scale, and lead. Coinbase’s decision to expand its East Coast R&D hub here is a powerful vote of confidence in New York City’s talent, infrastructure, and competitive business environment. This investment deepens our innovation economy and cements New York’s leadership in the future of digital finance.”
Coinbase Chief Business Officer Shan Aggarwal said, “New York has quickly solidified its role as a central hub for the global crypto ecosystem. Coinbase’s commitment to New York is a natural step for us, and we are proud to continue scaling our operations here to accelerate our mission.”
Founded in 2012, Coinbase operates as a cryptocurrency exchange and blockchain technology company, serving retail customers and institutional clients across more than 100 countries. Coinbase Global, Inc. has key operating entities licensed by New York State’s Department of Financial Services — a regulatory credential that requires compliance with anti-money laundering, cybersecurity, and financial stability standards. The company offers services across the digital asset and blockchain ecosystem, enabling consumers to buy, sell, store, and use cryptocurrencies, while providing institutions with custody, trading, and payment solutions.
Coinbase currently employs over 400 hybrid workers in New York across multiple technology and professional corporate functions. The company has leased 67,000 square feet at One Madison and will add more than 630 in-office research and development professionals specializing in security engineering, product development and management, data analytics, and information technology. The company will spend $30 million to fit out and equip the expanded office space while funding more than $750 million in annual research and development, with plans to further grow its New York footprint in the next few years.
