Exclusive: Coinbase expands to Charlotte

Driving the news: Coinbase CEO Brian Armstrong announced plans to hire about 1,000 U.S. employees this year in response to recent actions by the pro-crypto administration. President Trump has promised to be America's "first crypto president."

Context: Coinbase, once headquartered in San Francisco, transitioned to a remote-first company in 2020. Amid the pandemic, many tech companies reevaluated their businesses, creating an advantage for lower-cost tech towns like Charlotte.

• Coinbase still maintains hub offices in San Francisco and New York, where regional employees can meet in person periodically. The company has about 4,000 employees, with roughly 95% working remotely.
• Coinbase will establish an office in Charlotte for its new hires, but declined to share specifics.

The big picture: Coinbase is targeting Charlotte with this hiring push for its growing tech and financial sectors. Although the company is remote-first, Chief People Officer LJ Brock says their strategy focuses on "meeting talent where they are."

• "We're going to be committed to this market, and we're going to get synergies by having these people in the same geography," Brock says.
• He adds that the experience at Coinbase will be distinct from what employees of Charlotte's traditional financial institutions are used to. He describes it as a leaner organization with less bureaucracy, with the goal of creating "more economic freedom for people through a better financial system."
• "This is an opportunity to work in a fundamentally different environment, but one with as large an impact globally as they would expect," Brock says.

Between the lines: Companies are catching on that Charlotte has a "secret" wealth of tech talent hidden in industries like banking and insurance.

• The cost of hiring high-quality talent here is significantly less than in major tech hubs, as we previously reported. Plus, employers don't have to compete with the "coolness" of companies like Google or Meta when recruiting candidates.

Zoom in: Hiring will occur over the next six months. The open roles are across Coinbase's compliance and customer support teams.

• Hourly positions range from approximately $32 to $41, and salaried roles range from about $96,000 to $117,000.

What they're saying: "Investments like this not only validate the region's deep bench of talent but also position Charlotte as a national leader in the next wave of financial innovation," says Rich Spuller, founder of Cryptolina, a blockchain conference first held in North Carolina.

• "Coinbase investing in Charlotte is a powerful vote of confidence in our city's workforce," says Eric Porper, co-chair of the North Carolina Blockchain Initiative. "This kind of investment helps Charlotte grow not just as a fintech hub, but as a place where people can build meaningful careers."

What's next: If the initial hiring push is successful, Coinbase may grow further in Charlotte.

• "Certainly, if it meets or exceeds our expectations, I can see us continue to invest," Brock says.