Coinbase To Expand NYC Office Into 1,000-Worker Research Hub
Coinbase is planning to invest $750M a year to establish a cryptocurrency hub in New York City.
As part of the expansion, the crypto trading platform and blockchain company will spend $30M to build out its office at SL Green’s One Madison, according to an announcement on Wednesday.
Coinbase currently employs over 400 hybrid workers in New York. It plans to add another 630 in-office employees, with a focus on security engineering, product development and management, data analytics, and information technology.
Empire State Development, New York's chief economic development agency, has agreed to provide a $5M performance-based Excelsior Tax Credit to support the expansion.
“New York has quickly solidified its role as a central hub for the global crypto ecosystem,” Coinbase Chief Business Officer Shan Aggarwal said in a statement. “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.”
Coinbase signed an 11-year lease for more than 67K SF of the 1.4M SF office tower at One Madison in April 2024, according to Commercial Observer. It has listed suite 2400 at One Madison as its business address in filings with the Securities and Exchange Commission since late 2024.
ESD's press release said the 630 new hires would be based in “expanded office space,” and the company “plans to further grow its New York footprint in the next few years.”
Coinbase signed a lease for an additional floor in One Madison in October with plans to take control of the space next year, an ESD spokesperson said in an email.
“The $30M investment will occur over the next few years as the existing space is transformed to support additional hires as the office becomes a larger tech hub,” the spokesperson said.
Representatives for Coinbase didn't immediately respond to a request for further comment. A spokesperson for SL Green declined to comment.
The 1.4M SF One Madison tower, which SL Green delivered in 2024, was 93% leased but 80% occupied as of the end of last year, according to the REIT's annual report for 2025.
SL Green signed a variety of new leases at One Madison last year, including one unnamed tenant, identified only as a financial services company, to a 93K SF expansion. Several other technology tenants, including IBM, Flutter Entertainment and Sigma Computing, occupy the building.
In 2021, Coinbase announced it would be a remote-first company with no headquarters. It paid to exit its San Francisco lease, but four years later, the company returned to the market with a deal for 150K SF.
A company spokesperson assured the San Francisco Chronicle in 2025 that the company will remain “decentralized,” despite the new office space.
Already a global financial capital, New York has been attempting to position itself as the place to be for fintech companies, too.
“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,” ESD President, CEO and Commissioner Hope Knight said in a statement. “This investment deepens our innovation economy and cements New York's leadership in the future of digital finance."
UPDATE, MARCH 4, 5:50 P.M. ET: This story has been updated with more information on Coinbase's expansion and an additional comment from Empire State Development.
