Coinbase CEO Brian Armstrong said that United States President Donald Trump’s strong support for crypto has led the exchange to go on a hiring spree in the US.
“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 said in a video posted to X on March 7.
Hiring spree to significantly grow Coinbase’s headcount
“These policies really matter; this is the most pro-crypto Congress we’ve ever seen as well,” he said. Adding 1,000 more employees would increase Coinbase’s total workforce by about 27%, according to Stockanalysis’ most recent data, which shows that the crypto exchange currently has 3,772 employees.
Armstrong filmed the face-to-camera video outside the White House in Washington D.C. after attending the White House Crypto Summit alongside other global leaders in the crypto industry such as Gemini founders Tyler and Cameron Winklevoss, Strategy founder Michael Saylor, and Crypto.com CEO Kris Marszalek.
COIN price drops amid wider market decline
“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.
“President Trump has breathed life back into the crypto industry,” he added.
Related: Coinbase files FOIA to see how much the SEC’s ‘war on crypto’ cost
The hiring plans come despite Coinbase’s (COIN) stock price dropping 22.40% over the past month. COIN’s price closed at $217.45 on March 7, according to Google Finance data.
The decline coincides with a broader downturn in the crypto and stock markets following Trump’s proposed tariffs on China, Canada, and Mexico on Feb. 1.
Meanwhile, just two years ago, the crypto exchange laid off a similar number of staff amid the ongoing crypto winter. In January 2023, Armstrong said the exchange would cut 950 jobs as part of the company’s measures to reduce operating costs by around 25%.
Armstrong emphasized at the time that Coinbase is “well capitalized” and crypto “isn’t going anywhere,” but the firm has to proceed with layoffs to maintain “appropriate operational efficiency.”
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