Coinbase Plans To Add 2,000 Employees This Year Due To 'Enormous Product Opportunities' In Web 3.0

Cryptocurrency exchange Coinbase Global Inc. COIN plans to add about 2,000 employees this year as it sees “enormous product opportunities” ahead for the future of Web 3.0 technologies.

What Happened: Coinbase — which enables its users to trade in several cryptocurrencies including Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD — plans to hire more workers across its product, engineering and design teams, Coinbase Chief People Officer L. J. Brock said in a blog post.

The company is expanding to include products that host user-generated content like non fungible tokens (NFTs) and also has “ambitious plans” for the Coinbase Wallet.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Web 3.0 is supposed to be a decentralized version of the internet that would challenge the dominance of tech giants such as Microsoft Corp. MSFT, Alphabet Inc.’s Google GOOG GOOGL and Amazon.com Inc. AMZN.

Current Web 3.0 trends include NFTs and the Metaverse.

Coinbase has over two million people signed up for its highly anticipated NFT marketplace, it was reported last week.

The launch of the NFT marketplace would enable Coinbase to diversify itself from cryptocurrency-related revenue and enjoy commissions from the buying and selling of NFTs.

Price Action: Coinbase shares closed almost 0.4% higher in Monday’s regular trading session at $195.25 and further rose almost 0.5% in the after-hours session to $196.12.

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Photo: Courtesy of Coinbase