• Fri, 24 May 2019, 09:15 PM
  • All times are UTC
  • Edition:
Link copied

Crypto exchange Coinbase shuts Chicago division

Wed, 24 Apr 2019, 05:37 am UTC

Cryptocurrency exchange Coinbase is closing its Chicago division, known as Coinbase Markets, CoinDesk reported.

Introduced last May, Coinbase Markets was focused on developing advanced electronic markets technologies such as matching engines and high-frequency trading for cryptocurrency.

At the time of launch, Coinbase had said that the new division will introduce new features like low latency performance, on-premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services.

“These additions will allow for a more efficient price discovery process to occur, creating tighter markets, deeper liquidity, and increased certainty of execution,” it added.

However, the company is now winding down the matching engine project with similar work being done in its San Francisco office.

“To become the ‘Google of crypto’ we have to be comfortable making big bets. Some of them will be audacious and some of them won’t work out,” a Coinbase spokesperson told CoinDesk.

Product lead Paul Bauerschmidt (formerly of CME) and engineering head Derek Groothius, who led the Chicago office, will be leaving the company. Some employees unrelated with the matching engine work would continue working at Coinbase.

The company said that it would try to relocate some of the employees associated with the matching engine project to San Francisco.

A Coinbase spokesperson said that the company will retain the intellectual property and could integrate the technology developed in the Chicago division into its technology, adding:

“The team built some amazing technology and it could be used to influence the future development of our matching engine.”

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $8,113.16 (+3.40%)
  • Ethereum (ETH) $253.49 (+3.88%)
  • XRP (XRP) $0.390200 (+3.05%)
  • Bitcoin Cash (BCH) $414.43 (+3.68%)
  • Litecoin (LTC) $100.95 (+14.05%)
  • Bitcoin (BTC) $8,113.16 (+3.40%)
May 24, 2019 (Friday)
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
German engineering giant Bosch trials Ethereum blockchain
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
Bank of Russia to review proposal on gold-backed cryptocurrency
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
Robinhood Crypto is now in New York
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
California resident sued for alleged $26M crypto Ponzi scheme
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
Rep. Swalwell accepting bitcoin donations in bid for US presidency
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
Binance CEO CZ seeks compensation for reputational damage from Sequoia
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
Coinstar extends bitcoin buying service to 21 US states
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.