Gemini Scoops Up Five New Engineers From Coinbase’s Team to Add to Its New Chicago Location
The Renowned Cryptocurrency Exchange spearheaded by the Winklevoss Twins – Gemini – is officially opening up a new office based in Chicago as it makes a fresh push into the still nascent institutional market.
Along with this newly established office, the Gemini team has since announced this week that it would be hiring five new employees in order to kick start this effort. Those that are more familiar with developments involving Gemini has since informed us that these five employees were actually recruited from a varied group of experienced engineers from the rival crypto exchange – Coinbase.
These actually consist of the same crypto engineers that were previously dismissed by Coinbase back in April when its own institutionally focused office in Chicago was shuttered.
These formerly Coinbase, now Gemini employees will be tasked with the improvement and support of the exchange's primary range of products focused on this same institutional demographic, which includes its professional trading platform as well as custodial services.
Tyler Winklevoss, one part of the Gemini outfit, as its Co-Founder and CEO had since informed news sources that this engineering team “has deep expertise in matching engines and marketplaces.”
“They’ll be primarily focused on that and building the core platform for our exchange and trading services that already exist,”
Tyler continued on to explain, further adding.
“When we think about our exchange we start with reliability, speed, robustness, but also the product offerings so we don’t have a specific deadline I can give you in terms of what we’re targeting but we’re continuing to build out our product offering.”
Before working for Coinbase as part of its now-shuttered Chicago office, these same engineers were actually employed at the CME group along with a range of other institutional trading firms, meaning that they offer Gemini an extensive amount of insight into the field.
One such new hire for Gemini includes its product manager – Andrew Page – who officially announced his hiring through his LinkedIn profile. Before he ventured into the world of cryptocurrencies – he had spent more than seven years working for the capital markets software company – Connamara Systems.
A Drive to Further Expansion
For the moment, Gemini operates as a spot exchange with a limited line-up of crypto assets, having listed major coins like Bitcoin, Bitcoin Cash, Ethereum, ZCash and Litecoin for the moment. This is something that the Wiklevoss' are intent on increasing, as Tyler made clear this week – stating that Gemini aims to increase the number of order types available on the platform, along with “the way people can trade these assets.”
As of these new hires, Gemini hires more than 200 employees interspersed over Portland, Oregan, New York and the new additions within its Chicago Branch.
According to a statement provided by Tyler Winklevoss – Gemini has been “focused on building an institutional-grade platform … from day one.”
“[We] are continually investing in talent that will help us realize this”
Tyler continues on to explain the reasoning behind the new offices.
“Chicago, one of the world’s major financial centers, is a natural place for us to be. We’re thrilled to formally expand our footprint there as interest in reliable, trustworthy, cryptocurrency trading platforms continues to grow among investors.”
Chicago, for those otherwise unfamiliar, was the first market to accept Bitcoin Futures contracts back in October 2017. Making it an interesting choice for a new base of operations for Gemini.