Coinbase to Hire 1,000 Amid Trump’s Crypto Push

Coinbase is gearing up for a massive hiring spree in the United States, with plans to add 1,000 new employees in 2024. CEO Brian Armstrong directly attributed the move to President Donald Trump’s pro-crypto stance, saying his administration has already made a significant impact on the industry.

“Coinbase is planning to hire about 1,000 people in the United States this year as a direct result of his actions already in the first 60 days or so,” Armstrong announced in a March 7 video on X.

The expansion represents a 27% increase in Coinbase’s workforce, which currently sits at 3,772 employees, according to Stockanalysis.

Crypto Leaders Gather at White House Summit

Armstrong filmed the announcement outside the White House, following his attendance at the White House Crypto Summit alongside major industry figures, including:

🔹 Gemini founders Tyler and Cameron Winklevoss
🔹 MicroStrategy founder Michael Saylor
🔹 Crypto.com CEO Kris Marszalek

“We just left the digital asset summit at the White House. It was an incredible event and a really historic moment for our industry,” Armstrong said.

He emphasized the impact of Trump’s support, stating:

“President Trump has breathed life back into the crypto industry.”

COIN Stock Falls Amid Market Decline

Despite the bullish hiring plans, Coinbase’s stock (COIN) has dropped 22.4% over the past month. On March 7, the stock closed at $217.45, reflecting a broader market downturn linked to Trump’s proposed tariffs on China, Canada, and Mexico, announced on February 1.

Coinbase’s Hiring Surge Follows 2023 Layoffs

The hiring spree marks a sharp reversal from just two years ago, when Coinbase laid off nearly the same number of employees during the crypto winter. In January 2023, Armstrong announced the company would cut 950 jobs to reduce operating costs by 25%.

At the time, Armstrong reassured the industry that Coinbase was financially stable, stating:

“Crypto isn’t going anywhere. We’re well capitalized, but we must maintain appropriate operational efficiency.”

Now, with a shifting regulatory landscape and renewed optimism, Coinbase appears ready to double down on growth in the U.S. market.