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Coinbase: COO Asiff Hirji leaves exchange one month after CTO Srinivasan’s departure

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Coinbase: COO Asiff Hirji leaves exchange one month after CTO Srinivasan’s departure
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Coinbase, the poster-child for American cryptocurrency exchanges has lost yet another one of its top executives, Asiff Hirji, the company’s Chief Operating Officer has called it quits, after joining the exchange back in December 2017.

The former TD Ameritrade Holdings Corp executive, Hirji lead the crypto-startup at a time when trading was off the charts as the price of Bitcoin [BTC] and the larger market soared. Hirji also spearheaded Coinbase’s growth into foreign markets as well as curate products for the institutional market.

Emilie Choi, Coinbase’s vice president of business and data would take up the role of COO in Hirji’s absence, according to a company statement. Interestingly, as per her LinkedIn profile, Choii has been the COO of Coinbase since March 2018.

In a tweet, on the eve of his departure, Hirji stated,

Brain Armstrong, the exchange’s CEO stated, as per the statement,

“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.”

Hirji is the fifth heavyweight executive to leave the cryptocurrency exchange at a juncture when all seems to be going well for the cryptocurrency industry. Coinbase is hailed as one of the cleanest exchanges, in terms of exchange volume, while the prices of virtual currencies are enjoying a bullish spree.

Last month the San Francisco company’s Chief Technology Officer Balaji Srinivasan stated that he would be leaving Coinbase, to take some “time off.” The Earn.com founder was a part of the exchange during a crucial time as the USD Coin [USDC] was launched, in partnership with Circle, and Coinbase saw the introduction of OTC trading.

Hirji and Srinivasan’s recent exit follows that off Christine Sandler, Coinbase’s institutional sales head, who joined Fidelity Digital Assets, Dan Romero, Coinbase’s VP for International Business citing the need to take ‘time off,’ and Adam White, one of the most senior executives at Coinbase, holding the role of VP of Business Development in the past.

All in all, over 12 key members from within the upper echelons of Coinbase’s management have left the exchange since October 2018.





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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long

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Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
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On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”





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