Coinbase’s president and chief operating officer Asiff Hirji, a former TD Ameritrade Holdings executive who came to the firm from Andreessen Horowitz, has reportedly stepped down from his role at the San Francisco-based cryptocurrency exchange.
According to Bloomberg, Hirji joined Coinbase back in December of 2017, when the price of most cryptocurrencies was close to its all-time high and trading volumes were peaking. He reportedly helped the firm enter various markets and develop products for institutional firms.
In a statement, Coinbase co-founder and chief executive officer Brian Armstrong stated:
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.
As the news outlet points out, Hirji’s exit comes shortly after the departure of other executives from the company, including chief technology officer Balaji Srinivasan, as well some of those leading its institutional offering.
While some analysts show concern over Coinbase’s executive turnover, the firm reportedly argues its new business lines are growing rapidly, and that its custody product has over $1 billion worth of cryptocurrency. As reported, Coinbase Custody is offering users a staking service so they can earn on their cryptocurrency holdings.
Emilie Choi, Coinbase’s vice president of business, data and international, was named as the firm’s new COO. She started off her Silicon Valley career at Yahoo, where she worked on an investment in Alibaba and on the Flickr acquisition, and also worked at LinkedIn.