Coinbase CTO Exits In Just A Year—Latest Report – Market News Store

Coinbase CTO Exits In Just A Year—Latest Report

Crypto exchange firm Coinbase with a valuation of $8 billion has lost its CTO as current leader Balaji Srinivasan who became the firm’s first CTO an year after Coinbase acquired announced his official departure. He was CEO and Co-founder of during the acquisition and this departure appears to be end of an official agreement with Coinbase. Srinivasan announced the decision via his twitter handle and did not state any specifics. He has been an active player in early crypto-currency market who spent significant amount of time with both organizations and said that he now aims to concentrate on his health by taking some time off before launching into another project.

CEO Brian Armstrong of Coinbase thanked Srinivasan for his “incredible contributions” to the company’s growth. These included launch of Coinbase’s USDC stablecoin and expansion of customer base by sale of assets followed by worldwide push by professional traders. Apart from this the firm launched several services for its retail investors that today including placing stakes and OTC trading. Coinbase also started its own venture capitalist division for carrying out deals with exciting startups. It is continuing to make mergers and acquisitions to expand its business reach.

This year it acquired YCombinator, Blockspring and Neutrino all crypto-currency firms whose founders were earlier part of controversial surveillance organization Hacking Team. These two were Coinbase’s eleventh and twelfth acquisitions in recent years. Holding on to good employees seems to be becoming a problem for the firm which has witnessed high profile exits in recent months. Soon after it raised $300 million in its latest round of funding in October 2018 that was led by Tiger Global nearly a dozen mid-level and senior executives left the organization. The latest person to join the bandwagon is Srinivasan who announced his exit just a month after head of international operations Dan Romero left after completing his five year term.

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