Gemini takes over Coinbase team for Chicago expansion

29 Jun, 2019 | Updated: 29 Jun, 2019
by Alberto Arnaldo
Exchange
Gemini takes over Coinbase team for Chicago expansion

With the Winklevoss twins-led Gemini stepping into Chicago for expanding their operations, some of the employees which were recently let go by Coinbase will have no need of changing their residence.

According to reports from The Block and CoinDesk, Gemini has tried to attract several of the recently layed-off Coinbase employees from Chicago, actually managing to hire up to 5 of them.

The shutdown of Coinbase´s Chicago offices took place a couple months ago, with Bitcoin´s price at about half of its current rate. In retrospective, it seems as if downscaling could have waited a little, although Coinbase disassociates the decision from price action and links it to changes in the type of order managing and general trading needs.

Even though several employees were cut off, Coinbase claims to have profited from their time in Chicago, with a spokesperson declaring the following at back in April when the Chicago office was closed:

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

The employees recently on boarded by Gemini mostly share a software engineer profile, and are expected to take part in the settling of the Winklevoss-led exchange in Chicago for expanding its colocation data centers.  

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