Key highlights:

  • Coinbase wants to grow its staff in Singapore to 200 by the end of the year.
  • The cryptocurrency exchange unveiled a swanky office in Singapore as it eyes expansion into Southeast Asia.
  • In May, Coinbase laid off 700 employees to focus on AI productivity gains.

Coinbase has unveiled plans to bolster its staff strength in Singapore by 25% in the coming months as it eyes a larger market share in the Southeast Asian country. While the cryptocurrency exchange is keen on expanding its headcount in Singapore, the firm has laid off thousands in 2026, citing efficiency gains from artificial intelligence.

Coinbase deepens its presence in Singapore with aggressive hiring

In a recent interview with Business Times, Hassan Ahmed, Coinbase’s country director for Singapore, revealed ambitious hiring plans. According to Ahmed, the exchange will increase staff strength from 150 to 200 before the end of the year, reflecting a 25% increase.

Ahmed clarified that the company is seeking to bolster its engineering and customer service ranks with local hires. Furthermore, the Nasdaq-listed Coinbase will fill roles for institutional sales and relationship management in the coming months.

Alongside the hiring spree, Coinbase unveiled its new Singapore office at the prestigious One Raffles Quay. The new office complex is a major step up from previous co-working spaces in Singapore since setting up shop in the country.

“This new office reflects our long-term confidence in Singapore as a strategic hub for innovation, talent, and responsible growth across the Asia Pacific, giving us the resources to work more closely with local authorities, invest in talent and scale partnerships,” added Ahmed.

Coinbase began its incursion in Singapore in 2023, receiving a license to operate as a major payment institution. Since then, Coinbase has backed the Singapore dollar-backed stablecoin, XSGD, while offering localized banking integration via Standard Chartered for real-time Singapore dollar transfers.

Coinbase will have to jostle with international exchanges like Crypto.com and OKX for market share. Meanwhile, local exchanges like SBI-backed Coinhako will provide competition for Coinbase for retail users.

An expansionist stance, but layoffs are on the rise

Despite unveiling plans to expand its staff number in Singapore, Coinbase fired 14% of its global workforce in May, representing around 700 employees. Company CEO Brian Armstrong cited crypto market conditions and a strategic pivot to AI as reasons for the layoffs.

Coinbase estimated $50 million to $60 million in restructuring costs, with the bulk going to severance and benefits for affected staff. Back in 2023, Coinbase announced sweeping layoffs of 950 employees after a jarring restructuring that saw 1,100 employees lose their jobs in 2022.

Source: Kore1

The company is expanding its footprint in Southeast Asia with an expansionist stance. In Europe, Coinbase and OKX are jostling over the influx of new users after Binance’s exit from the EU for failing to meet MiCA requirements.

Meanwhile, Coinbase has settled its FOIA lawsuit with the US Securities and Exchange Commission (SEC). As part of the settlement, the SEC will pay $150,000 to Coinbase and fix its record-keeping policies.