Empire State Development has announced that Coinbase will significantly expand its research and development presence in New York City, reinforcing the company’s commitment to the market and to its broader technology platform. The expansion will create more than 630 additional high-tech R&D positions and is expected to bring Coinbase’s total New York workforce to more than 1,000 employees over the next several years.
As part of this growth, Coinbase has leased 67,000 square feet at One Madison Ave, a property associated with SL Green Realty Corp. The company plans to invest $30 million to upgrade and fit out the new space to support its expanding research, technology, and support teams. This lease formalizes New York City as a central location in Coinbase’s footprint and deepens its integration into the local innovation and financial ecosystem.
The company’s expanded New York operation is being designated as Coinbase’s East Coast hub for research and development, as well as for institutional and regulatory initiatives. The platform’s presence in the city is intended to support product development and engagement with institutional clients and policymakers, aligning its technical capabilities with evolving regulatory and market needs.
Coinbase plans to allocate more than $750 million in annual R&D spending in connection with its broader innovation efforts. To support this activity, Empire State Development is providing a performance-based Excelsior Tax Credit valued at $5 million, contingent on job creation and investment benchmarks. The incentives and corporate commitments together signal an extended time horizon for Coinbase’s operations in New York City.
Empire State Development president, CEO and Commissioner Hope Knight said that New York continues to serve as a base for next-generation financial and technology companies seeking to build and scale. She described Coinbase’s decision to grow its East Coast R&D hub in New York City as a strong affirmation of the city’s talent pool, infrastructure, and competitive business environment. The combination of new jobs, significant R&D spending, and a multi-million-dollar space upgrade at One Madison Ave further embeds the company within the city’s technology and financial services landscape.
