Top Crypto Exchange Exec Jumps Ship, Joins a VC Firm
Amidst the intense bear market the cryptocurrency market is currently experiencing, a top executive of a Coinbase—U.S based crypto exchange, has jumped ship and is now with a top ranking Venture Capitalist Firm- Andreessen Horowitz.
Mike Lempres Left Coinbase
The exec has been identified as the exchanges’ Chief Policy Officer, Mike Lempres. Mike joined Coinbase in 2017.
According to a recent report, Mike’s movement from the $8billion crypto exchange at this particular point in time is a very suspicious one, especially when the company just completed some major funding rounds.
A recent report pointed out that his departure from the Company to another company with close ties to Coinbase could be as a result of an internal turmoil.
Several previous reports have seen top executives from top-ranking financial institutions moving from a traditional and centralized financial environment to a blockchain based company. As a result of this, Lempres’ movement from Coinbase, and at this time is generally not good for the industry.
Before leaving the exchange, Lempres was assigned as its chief risk and legal.
His move to Andreessen Horowitz, a venture capital firm with an investment in numerous blockchain related projects, (Coinbase inclusive), has been confirmed through a statement from a spokesperson from the Exchange.
No Bad Blood
The spokesperson also confirmed that although his departure was greatly felt and not expected at the moment, the company has moved on and had no bad feeling about it. The spokesperson added that:
“As chief legal and risk officer during a time of tremendous growth for Coinbase, Mike was instrumental in building the company’s legal and compliance functions and driving our vision of trust through compliance. We wish him the best in his new position with Andreessen Horowitz.”
Coinbase made it known that Lempres’ will be replaced by Brian Brooks, a former Fannie Mae’s general counsel and executive VP.
