Two US licensed exchanges — diverging strategies
Coinbase and Gemini share a US regulatory foundation — both are licensed in New York, both are SEC-registered — but their 2026 hiring trajectories tell very different stories. Coinbase is scaling horizontally: more engineering, more product, Base chain ecosystem development, consumer mobile. Gemini is scaling vertically: deeper institutional services, prime brokerage infrastructure, custody.
Gemini's compliance hiring is notably senior — a high ratio of VP-level and above roles compared to mid-level analysts. That seniority profile typically precedes either an M&A process or a major new regulatory filing. Coinbase's compliance hiring is more distributed across seniority levels, consistent with their ongoing SEC engagement.
For anyone tracking the institutional custody race: Gemini's hiring profile makes them the more interesting watch in 2026, even if Coinbase dominates on headline volume.
Signal Scores, week-over-week hiring velocity, department trends, and predictions. Updated every week across 18 exchanges.