Coinbase has lost its first CTO just under one year of joining. Balaji Srinivasan declared his departure from the $8 billion crypto exchange company.
Srinivasan was the first CTO of the U.S. company. The company had him just one year ago after it acquired Earn.com. Balaji was the co-founder and CEO of Earn.com. The tenure of one year and one day discloses that Srinivasan is probably leaving after serving the minimum agreed time with Coinbase.
1/2 Really enjoyed my time at Coinbase working with my friend @brian_armstrong. The Earn integration was successful and we’ve closed ~$200M in deals for the new Coinbase Earn. Was also my privilege to help with shipping new assets, launching USDC, & getting staking/voting going.
— Balaji S. Srinivasan (@balajis) 4 May 2019
Srinivasan, a high-profile prominent figure in the crypto world, announced his departure move on his Twitter handle. He dismisses to give detailed insight about the decision but told TechCrunch that he is planning to take some time off to get fit. He will do some other things before coming up with his next product.
CEO of Coinbase Brian Armstrong has paid accolade to Srinivasan’s marvelous contributions to the firm.
During the period of Srinivasan as the CTO at Coinbase, the company saw exponential expansion efforts. The expansion includes the launch of own USDC stable coin. Assets that were expanded were also sold to ‘pro’-traders and consumers. Coinbase got a broader global push. Away from its consumers, the firm launched numerous services for retail investors. Today, over-the-counter trading and staking are also its two services.
The firm’s own VC arm deals with promising startups. On the M&A side, Coinbase has continued to make acquisitions and acquire the skills and knowledge of employees. This year, the company captured San Francisco-based firm Blockspring and also Neutrino. Founders of Neutrino once worked contentiously for Hacking Team, the surveillance firm. These two startups were its 11th and 12th acquisitions to date.
At Coinbase, it has become an issue to retain talents. Srinivasan’s departure is just a month after Dan Romero. He was the firm’s head of the international market but left after five years of his journey with the company. Coindesk reported that Coinbase had witnessed at least a dozen of mid-level or senior executives left since October. Such situation started when $300 million was raised by it, led by Tiger Global.