Coinbase Expands US Operations, Hiring 130 New Employees in North Carolina

Alabama has become the fifth state to withdraw from a coordinated legal effort targeting Coinbase's staking services. This move follows the formation of a task force by the SEC to develop clearer rules for the digital asset space, indicating a potential shift towards unified federal oversight. Despite this progress, five states continue their legal pursuit against Coinbase.

Coinbase is leveraging this regulatory momentum to expand its US operations. The company announced plans to hire 130 new employees in Charlotte, North Carolina. These new hires will primarily focus on compliance and customer support roles, further solidifying Coinbase's presence in the US market. This expansion is part of a broader hiring initiative under CEO Brian Armstrong's leadership, who aims to hire approximately 1,000 new US-based employees this year. The additional hires will increase Coinbase’s headcount by roughly 27%.

Riot Platforms, a Bitcoin mining firm, has secured a $100 million Bitcoin-backed loan from Coinbase. This loan, backed by Riot's substantial Bitcoin holdings, will support general corporate operations and strategic growth initiatives. The credit line is set to mature in one year, with an option to extend it for another year. It carries an annual interest rate tied to the federal funds rate plus 4.5%.

Riot Platforms has been actively expanding its Bitcoin reserves, including a $500 million purchase in December. The company recently announced plans to raise another $500 million through a private bond offering aimed at funding even more BTC acquisitions. This move underscores Riot's confidence in Bitcoin’s long-term value and Coinbase's role as a major player in the crypto-fintech space.