One of the largest cryptocurrency exchanges in the world has lost is head of policy decisions. The Chief Policy Officer at Coinbase, Michael Lempres has quit in the midst of growing tensions between the government and the cryptocurrency industry, reported Bloomberg on November 21.
Lempres was the legal chief at Coinbase before being promoted to the position of Chief Policy Officer in September of 2017. The exchange intimated that Lempres would be taking a position at the American Venture Capital firm, Andreessen Horowitz, an early investor in Coinbase.
Coinbase’s policy decisions will now be taken over by Brian Brooks, who was brought in last year to fill Lempres legal chief role. Brooks now bears the responsibility of dealing with the SEC and other regulators and to supervise Coinbase’s growing market and policy requirements.
“As chief legal and risk officer during a time of tremendous growth for Coinbase, Mike was instrumental in building the company’s legal and compliance functions and driving our vision of trust through compliance,” said the exchange to Bloomberg.
Interestingly, Coinbase had received a Series E funding of $300 million, back in late-October, led by Tiger Global Management, with the participation of Andreessen Horowitz, Wellington Management and others. This recent round of funding values the company at $8 billion.
Despite the loss of manpower, Coinbase has stuck to its objective, as laid out in the recent investment increase, of increasing expansion, building a better fiat and crypto market, offering more cryptocurrency related assets, supporting Stablecoins, developing the Coinbase wallet and bringing in institutional investors.
Since the beginning of November, the exchange has listed two more coins on its services, namely 0x (ZRX) and Basic Attention Token (BAT) from an original list of 5 coins released in July. Stellar Lumens [XLM], Zcash [ZEC] and Cardano [ADA] are yet to be added.
Prior to the addition of the above coins, Coinbase only listed select cryptos on their services, including Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC], with ERC20 tokens only approved in March 2018.
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