Coinbase suffers ‘mass’ exit amidst Bitcoin bull run

Coinbase

America’s largest crypto exchange Coinbase has just lost one of its top executives, another exit that is becoming ‘one-too-many’

Before explaining why it is an exodus, it is noteworthy to break the news that the exchange’s Chief Operating Officer, Asiff Hirji.

Hirji joined the company in 2017 as the Bitcoin and crypto bull run went underway and stayed throughout the crash of 2018 and the impending rise we are witnessing.

However, there is something confusing in his exit from the company and for some holding such sensitive position, it is a major loss for Coinbase, at least till they find another suitable replacement. In his exit statement full of platitudes for the exchange, Hirji said:

“Coinbase tour of duty over. Scaled to over $1 billion in revenue; launched new assets, countries, and products; achieved $8b valuation; and built out team. Company in a far better place and ready for next chapter. Cheering on Brian Armstrong and the rest of the team.”

In his response, Brian Amstrong, co-founder and CEO of Coinsbase gave Hirji a ‘clap back’ saying:

“We’re incredibly grateful for Asiff’s contributions over the past 18 months. His experience and mentorship helped guide Coinbase through an important chapter in its history. He joined at a critical time when both the company and crypto space were going through rapid growth, bringing his extensive experience to bear when it was most necessary.”

On the surface, it looks like a very ideal exit from the company after a meritorious service, but the matter gets more complex when the latest exits and resignation company is reviewed.

According to new records of CCN, there have been many defections from Coinbase which should be a matter of concern for anyone as a result of the exchange’s volume of business and its importance in the global crypto market.

Balaji Srinivasan, Coinbase’s chief technology officer, resigned last month, Within the same month, its former head of U.S. sales, Christine Sandler, resigned and left another crypto player, Fidelity Digital Assets. In the tail end of 2018 market crash, Adam White left Coinbase for New York Stock Exchange, NYSE’s bitcoin futures exchange, Bakkt

While Coinbase has named Emilie Choi, vice president of business, data and international as Hirji’s replacement, the consequences of these defections could have a medium to long term effect.

On the global scale, Binance is a major rival to Coinbase. Binance proud itself as a fully-decentralized exchange with its on own crypto token, Binance Coin, BNB, that is not doing badly. Despite a hack that gave it some bad PR, the exchange has since settled all customers affected and it is about to start a lending business. However, Coinbase is still big in its own right. Valued at $1 billion in 2018, its volume is one of the largest in the world.

However, it is just a matter of time before we know whether the Exodus at Coinbase has some ‘funny’ tone to it or it is a mere ‘storm in a teacup’.