Cryptocurrency exchange Coinbase Global (NASDAQ: $COIN) is expanding its operations in Singapore as it prepares to grow across Asia.
The U.S. exchange plans to increase its workforce in Singapore by one-third to around 200 employees by the end of 2026.
The new hiring will focus on engineering, customer service, relationship management, and institutional sales, said Coinbase in a statement.
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The expansion comes as Coinbase continues to strengthen its presence in Asia. The crypto exchange has called Singapore "one of the world's most trusted financial hubs."
The growth in Asia comes even as Coinbase reduces its workforce in other areas. On May 5, the company said it would cut its global staff by 14% as part of a cost management effort.
Coinbase Global said it plans to reorganize teams around artificial intelligence (A.I.) capabilities while reducing management layers.
Despite the global cuts, Coinbase said it sees strong long-term opportunities for crypto and stablecoins in Singapore and across Asia.
COIN stock has declined 59% in the last 12 months to trade at $162.13 U.S. per share.