One of the largest cryptocurrency platforms, Coinbase, has decided to strengthen its team in an attempt to legitimize digital assets in the eyes of vigilant regulators and institutional investors. The San Francisco startup said Tuesday it is hiring Jeff Horowitz as its first chief executive officer. Horowitz was a managing director and chief technology officer at Pershing, a subsidiary of BNY Mellon.
“As Coinbase - and the entire cryptocurrency market - grows and matures, we need to ensure that we remain compliant with all regulatory frameworks at all times,” Coinbase President Asif Hijri said on Tuesday. “Jeff will be an important member of the team and will help us on our growth path.”
Prior to Pershing, Horowitz led anti-money laundering programs at Citigroup, Goldman Sachs and Salomon Brothers, and served as a bank regulator at the Federal Deposit Insurance Corporation.
As one of the largest cryptocurrency platforms, Coinbase was in the right place at the right time when the price of Bitcoin reached $20,000. Since then, the price of BTC has dropped by 60%. However, despite the bearish market trend, Coinbase is reinvesting these profits into products for institutional investors and new projects.
Cautious institutional investors are very reluctant to get involved in cryptocurrencies after the latest market performance. US regulators are also wary of digital assets. The US Securities and Exchange Commission continues to crack down on fraudulent ICOs and has refused to authorize the creation of the world's first Bitcoin ETF.
Coinbase has also hired key executives from LinkedIn, Twitter, Facebook and the New York Stock Exchange this year. The company was ranked 10th on the CNBC Disruptor 50 for 2018. According to Recode, the company values itself at $8 billion.
According to cnbc.com
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