Supported by $5 Million in Performance-Based Excelsior Tax Credits
Company Will Invest $30 Million in Office Buildout at One Madison
Strengthens New York’s Role as a Leader in Digital Finance and Innovation
Empire State Development today announced that Coinbase—a leading cryptocurrency platform and blockchain technology company—will significantly expand its research and development operations in New York City, creating more than 630 new high-tech R&D jobs and bringing the company's total New York workforce to more than 1,000 employees over the next several years. The expansion marks the New York operation becoming Coinbase’s East Coast hub for R&D and institutional and regulatory initiatives. The company plans to invest more than $750 million in annual R&D spending and will be supported by a $5 million performance-based Excelsior Tax Credit from Empire State Development. This major commitment strengthens New York's position as a major hub for next-generation technology and affirms the state's leadership in shaping the future of the digital economy.
Empire State Development President, CEO and Commissioner Hope Knight said, "New York is where next-generation financial and technology companies come to build, scale, and lead. Coinbase's decision to expand its East Coast R&D hub here is a powerful vote of confidence in New York City's talent, infrastructure, and competitive business environment. This investment deepens our innovation economy and cements New York's leadership in the future of digital finance."
Coinbase Chief Business Officer Shan Aggarwal said, “New York has quickly solidified its role as a central hub for the global crypto ecosystem. Coinbase's commitment to New York is a natural step for us, and we are proud to continue scaling our operations here to accelerate our mission.”
Founded in 2012, Coinbase operates as a cryptocurrency exchange and blockchain technology company, serving retail customers and institutional clients across more than 100 countries. Coinbase Global, Inc. has key operating entities licensed by New York State's Department of Financial Services — a regulatory credential that requires compliance with anti-money laundering, cybersecurity, and financial stability standards. The company offers services across the digital asset and blockchain ecosystem, enabling consumers to buy, sell, store, and use cryptocurrencies, while providing institutions with custody, trading, and payment solutions.
Coinbase currently employs over 400 hybrid workers in New York across multiple technology and professional corporate functions. The company has leased 67,000 square feet at One Madison and will add more than 630 in-office research and development professionals specializing in security engineering, product development and management, data analytics, and information technology. The company will spend $30 million to fit out and equip the expanded office space while funding more than $750 million in annual research and development, with plans to further grow its New York footprint in the next few years.
Coinbase's expansion reflects the advantages that continue to attract leading technology companies to New York City. With world-class universities producing top tech talent, robust infrastructure supporting innovation, and its status as the global capital of finance, New York has become the destination of choice for companies across the fintech and digital asset sectors. Recent expansions by BILT, Roc360, Bridgewater, and Stripe demonstrate this momentum, as tech firms and fintech innovators increasingly choose New York for major investments and job growth, cementing the state's position as the premier destination where the future of the digital economy is being built.
About Empire State Development
Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook, and X.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. Coinbase is updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. Coinbase also provides critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, Coinbase advocates responsible rules to make the benefits of crypto available around the world.
Contact:
ESD Press Office | [email protected] | (800) 260-7313
Emily Mijatovic | [email protected] | (212) 803-3692