Coinbase, the $8 billion-valued crypto exchange, has misplaced its CTO after Balaji Srinivasan introduced his departure from the corporate.
Srinivasan turned the U.S. firm’s first CTO one yr in the past after it acquired Earn.com, the place he was CEO and co-founder. Given the tenure — one yr and at some point — it appears to be like like Srinivasan’s departure comes after he served the minimal agreed interval with Coinbase.
A high-profile determine within the crypto area who has additionally frolicked with Coinbase and Earn investor A16z, Srinivasan introduced his transfer on Twitter. He declined to enter specifics however stated in a tweet that he plans to take day off to get match, amongst different issues, earlier than launching into his subsequent product.
Coinbase CEO Brian Armstrong paid tribute to Srinivasan’s “unimaginable contributions” to the corporate.
Srinivasan’s time at Coinbase noticed the corporate ramp up its enlargement efforts. These embrace the launch of its personal USDC stablecoin, the enlargement (and planned expansion) of property offered to customers and ‘pro’ traders, and a wider global push. Away from customers, it launched a slew of services for retail investors and right this moment its companies additionally embrace staking and over-the-counter buying and selling.
There’s additionally Coinbase’s own VC arm for doing offers with promising startups and, additionally on the M&A aspect, the agency has continued making acquisitions and acquihires. This yr, it has snapped up Y Combinator graduate Blockspring and Neutrino, whose founders controversially once worked for surveillance firm Hacking Team, in what had been its eleventh and twelfth acquisitions to this point.
Expertise retention seems to be changing into a little bit of a problem at Coinbase.
Srinivasan’s exit comes a month after Dan Romero, the corporate’s head of worldwide, left after a five-year stint. According to Coindesk, the corporate has seen not less than a dozen senior or mid-level executives go away since October when it raised $300 million led by Tiger Global.