The 2019 leadership shakeup at the U.S. cryptocurrency exchange Coinbase Another change is underway.
Asiff Hirji, who has been part of Coinbase since late 2017 and was a pivotal figure from TD Ameritrade, has now vacated his positions as president and COO as of May 31st.
The exact reason for Hirji's departure wasn't specified, but... Brian Armstrong Coinbase's CEO and co-founder took the opportunity to publicly praise Hirji for his impactful service and the guidance he provided during a crucial growth phase for the exchange.
“Asiff Hirji’s insights and leadership were instrumental in navigating Coinbase through a period of rapid expansion, bringing invaluable expertise exactly when we needed it most.”
So what’s next for the exchange now?
Emilie Choi, previously the head of business and data, has stepped into the role of COO, succeeding Hirji. Interestingly, her LinkedIn profile suggests she's been in the new role since March 2019, hinting that Hirji’s departure was planned well in advance.
This isn't the first significant executive exit from Coinbase recently. Before Hirji, Balaji Srinivasan, their chief tech officer, departed, and Dan Romero, once in charge of international business, also left.
What remains a mystery is the underlying cause for these high-profile exits, especially as all were relatively recent recruits to Coinbase. However, it's evident the exchange is reassessing its leadership strategy amidst these changes.
Choi Offers Insight: Margin Trading Could Be Coinbase's Next Big Step
Coinbase is strategizing its future moves, and among the potential pivots is margin trading, which involves traders using borrowed funds for asset investments.
Choi, now COO, mentioned in a conversation with The Block that the exchange is seriously considering margin trading as a significant upcoming venture, hinting at its future potential despite current regulatory hurdles in the U.S. opening up a margin trading service for its users:
“Exploring margin lending is certainly our next ambitious goal, particularly for our active traders. We’re still evaluating this path given the regulatory ambiguities in the U.S. presently.”
The timing for launching this service remains unspecified, due to the complex regulatory landscape in the U.S., which may delay Coinbase's efforts despite their intentions.
It's uncertain if Coinbase will introduce margin services as a standalone entity, akin to Coinbase.com for retail and Coinbase Pro for serious trading professionals.
Coinbase Expands Offering: EOS Now Available on the Platform and Mobile Apps
Once labeled an alternative to Ethereum, EOS has now become accessible across Coinbase's broader network. Initially, it was exclusive to Coinbase Pro the previous month.
Now, users on Coinbase.com and its apps on both iOS and Android can transact EOS easily.
Coinbase elaborated on its vision for EOS in their latest update:
“EOS is designed as a cryptocurrency for robust, decentralized applications. It eliminates transaction fees, replacing them with the utilization of resources like RAM and CPU.”
