Prominent cryptocurrency exchange Coinbase is set to close its Chicago office just a year after it was opened, and will let go around 30 software engineers in the process, reports Fortune.
The group had been tasked with building a special “matching engine” product for high-frequency trading.
A Coinbase spokesperson said the high-frequency trade technology was no longer a priority.
Instead, the firm is to focus on other products like over-the-counter trading and custody services.
Coinbase will reportedly relocate “a small number” of Chicago-based matching engine devs to its main office in San Francisco, as well as maintain a remote sales force in the city.
The Chicago efforts were spearheaded by former CME Group exec Paul Bauerschmidt, who was expected to recruit as many as 100 employees within the next three years, according to Chicago Business.