Coinbase Hires Quito Zuba From Reuters to Improve its Institutional Investor Market Strategy
The popular cryptocurrency exchange Coinbase has taken the decision to hire Quito Zuba to be part of the team. The veteran of Wall Street and Global Head of Trading Operations at Thomson Reuters will be working as the head of market operations at Coinbase. The information was released by The Block a few hours ago.
To show that he is moving to a new company, Mr. Zuba has already updated its LinkedIn profile, reflecting this decision to help the U.S.-based exchange and crypto platform. The spokesperson said that Zuba is currently working in Chicago and that Coinbase is going to be launching its new matching engine.
Zuba is a very important individual for the team at Coinbase, specifically in Chicago. Another team member in the city includes Paul Bauerschmidt, a former executive at the Chicago Mercantile Exchange (CME), a recognized Chicago exchange operator in the market.
Zuba has decided to hire new individuals during the last few months in order to shift its institutional strategy away from traditional financial firms. The exchange is trying to improve its performance in the market after a bear market that affected the whole industry.
Coinbase is currently trying to focus on its clients and crypto enthusiasts rather than offering services to Wall Street firms and other firms. During the second half of 2018, Coinbase has been adding new digital assets to its trading platform, when it was known for adding just a few assets that were already established in the market.
At the same time, the company is trying to compete against other exchanges such as Binance that have attracted several users from all over the world. In general, these users are searching for different trading pairs rather than just the traditional ones. At the moment, Binance is listing around 150 different tokens and it provides services to several countries.
Dan Romero, Coinbase’s head of institutional commented on the matter:
“There is a lot of trading volume happening outside of the U.S. so we want to expand our services to the international market and take market share in the EU and Asia quite a bit.”
Although the company is moving away from institutional investors from Wall Street, it remains open to hiring other experts from the traditional market.
Coinbase Pro has a trading volume close to $68 million in the last 24 hours. Binance instead has a trading volume of $560 million during the same period of time. Binance is the most popular trading exchange in terms of trading volume, while Coinbase Pro is in the 40th position.