Yes, that’s correct! Balaji Srinivasan, Coinbase CTO, who joined the company as part of one of its most significant acquisitions, is leaving the cryptocurrency exchange.
Srinivasan’s exit is on the heels of the departure of Dan Romero, who once led the firm’s international as well as institutional business before his exit in April. Srinivasan will be working out of his role in the firm over the next couple of weeks. He wrote a departure note and posted on Twitter yesterday evening, saying –
“Really enjoyed my time at Coinbase working with my friend @brian_armstrong. The Earn integration was successful and we’ve closed ~ $200 mln in deals for the new Coinbase Earn. Was also my privilege to help with shipping new assets, launching USDC, & getting staking/voting going.”
Srinivasan joined the company after it acquired Earn.com, which is a platform for customers to earn cryptocurrency by completing simple tasks, like answering an email. The Recode reported the acquisition came in nearly $100 mln. Previously, Srinivasan was a partner with Andreessen Horowitz.
A Coinbase spokesperson, in a statement, said –
“We are very grateful to Balaji for all of his contributions to Coinbase. His efforts over the past year have had a major impact on the trajectory of the company. He’s on to his next challenge and we wish him well.”
A source to the situation said –
“Srinivasan, who was driving the firm’s consumer products, was not given enough freedom within the company to operate independently and had a differing vision for the future product roadmap, precipitating his leaving the firm.”
Coinbase has seen changes across its business with various areas growing as well as shrinking, and employees coming and leaving. Of course, a former product manager at Google, Max Branzburg, has been promoted to head of consumer. He will be integrating Earn.com further into the app as part of his new role.