Popular cryptocurrency exchange, Coinbase are closing down their Chicago operations.
The office in Chicago was reportedly set to be planned on hiring as many as 100 people according to reports in May last year.
Coinbase, U.S.-based cryptocurrency exchange has announced the closure of it Chicago operations. The report detailed that the exchange are also to start scaling back on its plans to develop a new “matching engine” product to facilitate high-frequency trading for its clients.
Local news site Chicago Inno, had previously reported that the opening of the Chicago office in May last year, Coinbase were planning on hiring 100 people over three years, most of whom were going to be engineers.
A spokesperson from the company reportedly told Fortune that while the closure of the office is a setback, the exchange will be continuing to hire new employees in other offices. Furthermore, the spokesperson detailed that high-frequency trading is no longer a priority and that the company is focusing on new products.