Coinbase poaches Google Procuring VP as CPO for cryptocommerce • TechCrunch

“We’re making an attempt to shift cryptocurrency from this speculative asset class to driving real-world utility,” Coinbase CEO Brian Armstrong tells me. How? By way of commerce and micropayments. However now Coinbase has the who to construct it. As we speak the startup announced it has employed away former head of Product for Indian e-commerce large Flipkart and Google Procuring VP of Product Surojit Chatterjee to turn out to be Coinbase’s chief product officer.

“I’ve at all times loved being related to know-how that’s on the point of altering how we reside” writes Chatterjee. “Google adverts has helped democratize commerce, Flipkart and ecommerce has revolutionized life in India, and I consider Coinbase goes to show typical finance on its head.”

Chatterjee spent greater than 11 years at Google over two stints, the primary as a founding member of Google’s cell search Advertisements product that’s grown to tens of billions in income per 12 months. When he begins at Coinbase subsequent week, Armstrong tells me he’ll assist Coinbase set up its advanced array of merchandise, together with its cryptocurrency change, pockets, stablecoin, incentivized crypto schooling platform Earn and Coinbase Commerce that lets companies take funds in Bitcoin, Ethereum and extra. Chatterjee replaces Jeremy Henrickson, the previous Coinbase CPO who departed in December 2018.

“Surojit is a big asset right here as a result of we’re a product-led firm,” Armstrong says. “We now have completely different leaders and so they more and more have duties round P&L. Having one actually skilled chief product officer that may mentor them and educate them to personal revenues and budgets — actually within the mannequin of Google — that may professionalize Coinbase.”

One alternative Armstrong hopes Chatterjee may also help Coinbase seize on is constructing merchandise for rising markets the place monetary infrastructure is weak. “E-commerce is just not equally distributed world wide. Micropayments don’t work that properly … Him spending time dwelling in India, a growing market, he deeply understands cell cash.” Given the explosion of phone-based funds, the demonetization and the prevalence of money on supply strategies in India that Flipkart handled, “his background is sort of ultimate from that worldly perspective,” Armstrong explains.

Chatterjee cites his upbringing as inspiration to ship “financial freedom for everybody,” as Armstrong says is Coinbase’s mission. “Rising up in India in a poor middle-class family, I noticed very carefully what a scarcity of liquid money does to a household’s way of life,” Chatterjee remembers. 

“As a child I’d go along with my mother to a neighborhood financial institution to withdraw cash. And consider me after I inform you that the method was epic!” It included withdrawal slips, tokens and anxiously making an attempt to match present signatures to variations a long time previous. When India demonetized and made everybody change their money, “My dad, who was nearly 80 at the moment, stood in a queue for 5 hours to get 2000 Rs, which was the per-day restrict for the primary week. That’s lower than $30!” Digital cash may guarantee folks at all times have entry to every little thing they personal.

Surojit Chatterjee (far proper) rides alongside for a Flipkart supply to know the patron commerce expertise

In developed nations, Armstrong sees an opportunity for Chatterjee to allow digital content material creators to show their ardour into their occupation. “There’s tons of people that lurk on Reddit or Stack Overflow and reply questions … If there was actual cash on this stuff, these might be their full time jobs — contributing content material on user-generated social websites,” Armstrong predicts. “I feel you’d see much more contributions, as properly.”

Now is likely to be the right time to rent Chatterjee since we’re in a lull interval for cryptocurrency within the wake of the frenzy on the finish of 2018. “Crypto is at all times difficult to navigate. In these durations when it’s comparatively quiet, we are likely to do very well,” Armstrong says. The corporate grew market share, quantity and app installs versus rivals between 50% and 100%, in line with the CEO. Referencing historic conflict technique, Armstrong concludes that, “There’s years the place you simply wish to prepare the troopers and stockpile assets and also you’re principally simply making ready. We’re constructing the corporate, not simply responding to loopy hype.”

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