Exclusive: Coinbase to ‘hire like crazy’ in the UK
Coinbase is ramping up its UK presence with plans to hire more staff and deepen investment, as the country moves towards a new era of crypto regulation and increasing mainstream adoption.
“We’re going to be hiring like crazy in the UK”, Coinbase’s UK lead Keith Grose told City AM, before adding that London will continue to be one of the firm’s “largest offices globally”.
“We are growing the team specifically. I can’t give specific numbers around it, but this is a place we are investing in, and we will continue to invest in”, Grose said.
That expansion comes at a pivotal time, as the UK finalises a comprehensive regulatory framework for crypto, which includes consultations on stablecoins and market structure.
Grose believes that the UK’s timing presents the nation with a strategic advantage. “2025 is a huge year for crypto. This is the year that the crypto regime is being written and brought into force, and in some ways, the third mover advantage is all the UK’s to play for here”.
Coinbase’s ambitions come as the firm cements its place among top global public companies. Crypto’s mainstream arrival has been reflected in the company’s recent inclusion in the S&P 500.
This comes as the Financial Conduct Authority announced that it will lift its ban on offering a type of crypto tracker to retail investors, despite meaning they could “lose all their money”.
The City watchdog has proposed allowing investment platforms to offer their customers crypto exchange traded notes (cETNs), which until now has now been prohibited to professional investors.
A pivotal crypto moment for the UK
Coinbase’s optimism aligns with growing confidence among international crypto firms around the UK’s position in the sector, as it moves towards a regulatory regime that aims to balance innovation and oversight.
“The UK has this opportunity to look at what’s worked and not worked elsewhere, and be smart about it”, he added. “If they get it right, I think it’s going to be a huge tailwind for the industry”.
Grose pointed to the UK’s stablecoin consultation as a key piece of policy, urging for the “right rules” to “leave room for opportunity”.
He believes the UK needs to leave room open for both business models, and create a place wherein third party stablecoins can thrive.
However, policy analysts have warned that striking this balance could be easier said than done, citing systemic risk as a result of overly permissive rules.
Meanwhile, the UK’s ambitions may risk not translating into real global influence unless adoption rapidly matures.
What’s more, despite recent momentum in crypto market, the UK remains an early-stage market in terms of stablecoin adoption, with only 12 per cent of UK users, based on last year’s FCA research, holding on to, or having bought cryptos.
The same report found that 85 per cent of UK adults still haven’t touched it. “It actually has a huge potential to change the industry”, Grose told City AM.
He claimed that crypto, above a technological innovation, could be a huge economic growth driver for the country. “It can deliver growth, jobs, and continue to make London the beating heart of financial services”, he argued.
Still, critics argue that crypto’s promise as an economic powerhouse has often been overstated, with past cycles marked by volatility and speculation.
The low adoption figures could also signal ongoing public distrust or lack of use cases beyond trading.
Coinbase bets big on British crypto
Earlier this year, Coinbase received its Virtual Asset Service Provider, or VASP registration from the FCA, allowing the firm to shift UK users from its Irish entity back into the UK.
“Now it also allows us to launch new products”, Grose said, “and I think you will start to see the Coinbase brand show up more around London and the UK”.
Originally based across the pond in the US, the exec was clear in the firm’s plans for London to serve as a strategic global node.
“Crypto is global by nature, so we can hire and grow teams that can support other markets. That’s good for the UK, and that’s also good for crypto”, he said.
The firm will be betting on London’s historical strength in financial services as a foundation for digital asset leadership, despite various concerns in the industry around the transfer from legacy financial dominance.
Indeed, mainstream finance’s embrace of crypto remains tentative, with many leading British banks like Lloyds, HSBC and Barclays having blocked or restricted crypto-linked transactions like Coinbase for retail customers due to fraud risks.
This frustrated many retail users who found themselves unable to withdraw their assets from exchanges or make deposits.
Adrian Ip, managing director of Aquid Exchange, said: “What is clear to a lot of the industry today is that there are things that are occurring in the crypto world which perhaps are not really what we’d expect to see within traditionally regulated and authorised financial services.”
“Obviously a lot of things that get talked about quite commonly are blackmarket transactions, terrorist financing, market manipulation, money laundering and things like that.”
Smarter crypto taxation policy
The UK’s evolving stance on crypto taxation has also been pivotal to the industry, particularly proposed changes to capital gains and transaction tax.
Grose remained cautious, but emphasised the importance of enabling crypto’s utlity through tax changes.
“People are using crypto for payments – don’t tax that. That’s actually what’s driving the economy, so let it happen”.
But not everyone agrees that crypto transactions should receive preferential tax treatment, with HMRC and some MPs arguing that without clear rules, tax gaps and illicit cashflows could increase.
Still, Coinbase remains bullish: “I do think this is a big year for crypto in the UK”, Grose repeated. “There’s pressure, on all sides, but I think the UK has this opportunity to be the centre of crypto going forward”.