Coinbase, the cryptocurrency startup that helps users buy and sell digital currencies, is opening an office in Portland.
The San Francisco-based company plans to hire as many as 100 employees in the Rose City by the end of 2018.
Coinbase has more than 20 million customers who use the platform to manage their digital currency portfolio. It has raised $217 million from investors like Andreessen Horowitz, DFJ, BBVA, and others. The company has 400 employees and plans to reach 800 this year. It also has offices in New York and Chicago.
“Opening a new office in Portland will help us tap into the city’s incredibly talented, innovative open-source and blockchain communities.” Tina Bhatnagar, Coinbase vice president of operations and technology, said in a statement. “We look forward to engaging the city’s rich talent pool and its thriving tech community.”
The cryptocurrency industry continues to be a wild west of sorts. Several cryptocurrency prices have fallen in recent months; Bitcoin went below $6,000 last week for the first time since February. Regulators are also putting down their foot on this new form of payment.
But others remain confident in the future of digital currencies — for example, Andreessen Horowitz just launched a $300 million fund to invest in cryptocurrency-related projects. According to PitchBook, 179 venture capital investors in the U.S. participated in at least one crypto startup deal in the past two years.