Coinbase is pulling the plug on a project to upgrade its platform, and it could result in a multi-million dollar loss

Quick Take

  • Crypto exchange Coinbase is scrapping its efforts to build a new matching engine, laying off nearly 30 engineers in its year-old Chicago office
  • The firm will instead focus on bolstering its existing matching engine from its San Francisco base
After a year of hype and key hires, Coinbase announced Tuesday it has cancelled plans to build a new matching engine in Chicago. The cancellation of the firm’s migration to a matching engine built for Wall Street means 30 employees were laid off this morning, a stunning move given the firm was telling clients it […]

Subscribe to The Block News+ to
Unlock this Feature

Choose Your Plan

Save $ vs. paying monthly


per year
Join Now


per month
Join Now


If you want to know more about what you get with a Membership, or you need help convincing your manager, we got you covered. You can find the details and learn more about the benefits by clicking the link below.

Trending Stories

SEC said to allow first bitcoin futures ETF to trade in US: report

The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]
Read Full Story
Oct 15, 2021, 2:54AM UTC