All efforts of preventing senior executives from parting ways fail, as another high profile employee is leaving Coinbase. Dan Romero, Vice President of Coinbase’s International Business, has announced his plans to quit the famous crypto exchange.
Romero joined Coinbase in April 2014 and worked for five years before calling it quits. He was in charge of the crypto exchange’s operations in the UK, Europe, and the APAC region, Romero announced via a blog post on Medium.com, stating that he would be leaving Coinbase at the end of this month. He wrote,
“After five years, I’m leaving Coinbase at the end of the month. I’m planning to take some time to figure out what’s next, but I remain as optimistic as ever about the potential of cryptocurrency and Coinbase.”
Coinbase has been losing top-level executives, especially after the allegations of insider trading surfaced ahead of the launch of Bitcoin Cash. Though Romero did not mention the reason for his departure, he said,
“Staying true to a mission often requires doing hard (or even unpopular) things. But I’ve been lucky to learn first-hand that it’s those hard things that often generate the most value.”
Commenting on his tenure and experience at Coinbase, Romero said,
“I joined Coinbase when it was 20 people; it is now over 700 people. I’ve also had the privilege to work across almost every aspect of the Coinbase business— our banking partnerships, international, and time with both our consumer and institutional businesses. Through this, I’ve come to appreciate the value in working at a mission-driven company that’s willing to focus on a long-term strategy.”
Coinbase is one of the most reputed names in the crypto space. However, that hasn’t been enough to prevent the outward movement of key employees, ever since it raised $300 million late last year, taking its valuation to a whopping $8 billion. Earlier in March, Christine Sandler, Coinbase Director of Institutional Sales parted ways with the exchange, only to join giant financial services provider Fidelity Investment.
Before Sandler, two top executives of Coinbase, Director of Data Science and Risk, Soup Ranjan, and Senior Compliance Manager, Vaishali Mehta also quit the crypto exchange. Since October, more than nine senior managers have left Coinbase, including two of the earliest employees Adam White and Michael Lempres, which definitely puts a negative message out in the market.
On his parting note, Romero said,
“I want to thank Brian and Fred for taking a bet on me. I also want to thank all of my Coinbase colleagues for everything they’ve taught me over the years. I hope I’m lucky enough to work with as an intellectually honest, pragmatic, and kind group of people again.”
No official statement from Coinbase regarding Romero’s resignation has come out yet. However, operations of Coinbase seem to be working without any hiccups or breakdowns. A couple of days ago, Coinbase announced the launch of Coinbase Card, a crypto debit card, in collaboration with global payments giant VISA.