In its quest to become to too big to fail, Coinbase has gone on a high-level hiring spree that includes bagging Jonathan Kellner, CEO of Instinet.
The New York Stock Exchange-backed, San Francisco-based crypto exchange has hired Kellner as its new Managing Director. His job at Instinet was about matching buyers and sellers in the equity market.
According to a source close to Coinbase, Kellner will play a significant role in the sale of the firm’s new array of products for expert investors. The investment tools unveiled in May include custody services for crypto, development of its electronic cryptocurrency trading market, and prime services for more complex trading.
Too big to fail
In an article entitled ‘Coinbase wants to be too big to fail’, Fortune speaks of a “cryptocurrency-trading startup (that) rose from obscurity to become the first billion-dollar company to emerge from the Bitcoin boom. Now, founder Brian Armstrong must prove that Coinbase, along with crypto itself, has the staying power to take on Wall Street”.
Part of the objective is being addressed by hiring Wall Street veterans such as Brian Brooks, who hails from Fanni Mae, Oputa Ezediaro from JP Morgan, and Christine Sandler, who was an executive at the New York Stock Exchange (NYSE).
Coinbase’s new hires are also aimed at targeting asset managers, banks, hedge fund and family-run offices, as well as bridging traditional finance with the evolving cryptocurrency market.
The venture plans to increase its manpower by more than 700% to 150 employees by 2019.