Coinbase loses chief policy officer to Andreessen Horowitz
One of the largest cryptocurrency exchanges in the world has lost its head of policy decisions. Michael Lempres, chief policy officer at Coinbase, has quit amid growing tensions between the government and the cryptocurrency industry, as reported by Bloomberg on Wednesday.
Lempres was the legal chief at Coinbase before being promoted to the position of chief policy officer in September last year. The exchange intimated that Lempres would be taking a position at venture capital firm Andreessen Horowitz, an early investor in Coinbase.
The exchange’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 U.S. Securities and Exchange Commission (SEC) and other regulators. He will also supervise Coinbase’s growing market and policy requirements.
Interestingly, Coinbase had raised $300 million in a series E funding round late last month, led by Tiger Global Management. Andreessen Horowitz and Wellington Management also participated in the funding round, among other. This recent round of financing valued the company at $8 billion.
Despite the loss of manpower, Coinbase has stuck to its objective 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 this month, the exchange has listed two more coins on its platform – 0x [ZRX] and Basic Attention Token [BAT] from an original list of five 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 to its platform, including Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC], with ERC20 tokens only approved in March this year.
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