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Coinbase loses its first CTO after just one year in the job

Coinbase, the $8 billion-valued crypto exchange, has lost its CTO after Balaji Srinivasan announced his departure from the company.

Srinivasan became the U.S. company’s first CTO one year ago after it acquired Earn.com, where he was CEO and co-founder. Given the tenure — one year and one day — it looks like Srinivasan’s departure comes after he served the minimum agreed period with Coinbase.

A high-profile figure in the crypto space who has also spent time with Coinbase and Earn investor A16z, Srinivasan announced his move on Twitter. He declined to go into specifics but told TechCrunch that he plans to take time off to get fit, among other things, before launching into his next product.

1/2 Really enjoyed my time at Coinbase working with my friend @brian_armstrong. The Earn integration was successful and we’ve closed ~$200M in deals for the new Coinbase Earn. Was also my privilege to help with shipping new assets, launching USDC, & getting staking/voting going.

— Balaji S. Srinivasan (@balajis) May 4, 2019

Coinbase CEO Brian Armstrong paid tribute to Srinivasan’s “incredible contributions” to the company.

Srinivasan’s time at Coinbase saw the company ramp up its expansion efforts. Those include the launch of its own USDC stablecoin, the expansion (and planned expansion) of assets sold to consumers and ‘pro’ traders, and a wider global push. Away from consumers, it launched a slew of services for retail investors and today its services also include staking and over-the-counter trading.

There’s also Coinbase’s own VC arm for doing deals with promising startups and, also on the M&A side, the firm has continued making acquisitions and acquihires. This year, it has snapped up Y Combinator graduate Blockspring and Neutrino, whose founders controversially once worked for surveillance firm Hacking Team, in what were its eleventh and twelfth acquisitions to date.

Talent retention appears to be becoming a bit of an issue at Coinbase.

Srinivasan’s exit comes a month after Dan Romero, the company’s head of international, left after a five-year stint. According to Coindesk, the company has seen at least a dozen senior or mid-level executives leave since October when it raised $300 million led by Tiger Global.

Coinbase now supports buying and selling Ethereum Classic

Coinbase has added a new buying option for its customers after the crypto exchange introduced Ethereum Classic to its collection.

The addition was first announced in July but Coinbase took its time to implement its newest addition following criticism over the way it added Bitcoin Cash last year. Allegations of insider trading led the company to investigate the incident which saw service outages and wild price fluctuations for Bitcoin Cash right after its addition to the exchange. It later introduced a framework for adding new tokens.

Nonetheless, Ethereum Classic’s value spiked 20 percent on last month’s news. Today, though, it is down two percent over the last 24 hours, according to Coinmarketcap.com.

Coinbase has taken a conservative approach to adding more crypto. Today’s addition takes it to five tokens — Bitcoin, Ethereum, Litecoin and Bitcoin Cash are the others — but that’s likely to change this year. Last month, it announced it is “exploring” the addition of another five tokens while CTO Balaji Srinivasan hinted that the selection would grow further when I interviewed him at the recent TechCrunch blockchain event in Zug.

“We hear your requests, and are working hard to make more assets available to more customers around the world,” Dan Romero, who heads Coinbase’s consumer business, said in a blog post published today.

A note on Ethereum Classic — it was created in June 2016 following a major hack on The DAO, a fundraising vehicle for the project. In short: the Ethereum Foundation created a new version of Ethereum — known today as Ethereum — that rescued the lost funds, while those who opposed continued on with the original chain which was known as Ethereum Classic.

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

Minds aims to decentralize the social network

Decentralization is the buzzword du jour. Everything – from our currencies to our databases – are supposed to exist, immutably, in this strange new world. And Bill Ottman wants to add our social media to the mix.

Ottman, an intense young man with a passion to fix the world, is the founder of Minds.com, a New York-based startup that has been receiving waves of new users as zealots and the the not-so-zealous have been leaving other networks. In fact, Zuckerberg’s bad news is music to Ottman’s ears.

Ottman started Minds in 2011 “with the goal of bringing a free, open source and sustainable social network to the world,” he said. He and his CTO, Mark Harding, have worked in various non-profits including Code To Inspire, a group that teaches Afghani women to code. He said his vision is to get us out from under social media’s thumb.

“We started Minds in my basement after being disillusioned by user abuse on Facebook and other big tech services. We saw spying, data mining, algorithm manipulation, and no revenue sharing,” he said. “To us, it’s inevitable that an open source social network becomes dominant, as was the case with Wikipedia and proprietary encyclopedias.”

His efforts have paid off. The team now has over 1 million registered users and over 105,000 monthly active users. They are working on a number of initiatives, including an ICO, and the site makes money through “boosting” – essentially the ability to pay to have a piece of content float higher in the feed.

The company raised $350K in 2013 and then a little over a million dollars in a Reg CF Equity Crowdfunding raise.

Unlike Facebook, Minds is built on almost radical transparency. The code is entirely open source and it includes encrypted messenger services and optional anonymity for users. The goal, ultimately, is to have the data be decentralized and any user should be able to remove his or her data. It’s also non-partisan, a fact that Ottman emphasized.

“We are not pushing a political agenda, but are more concerned with transparency, Internet freedom and giving control back to the user,” he said. “It’s a sad state of affairs when every network that cares about free speech gets lumped in with extremists.”

He was disappointed, for example, when people read that Reddit’s choice to shut down toxic sub-Reddits was a success. It wasn’t, he said. Instead, those users just flocked to other, more permissive sites. However, he doesn’t think those sites have be cesspools of hate.

“We are a community-owned social network dedicated to transparency, privacy and rewarding people for their contributions. We are called Minds because it’s meant to be a representation of the network itself,” he said. “Our mission is Internet freedom with privacy, transparency, free speech within the law and user control. Additionally, we want to provide our users with revenue opportunity and the ability to truly expand their reach and earn rewards for their contributions to the network.”

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