Thursday, February 2, 2023

Coinbase Adds Cisco Vet On Board Ahead of Suspected IPO

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Brian Armstrong, CEO of the cryptocurrency giant Coinbase, announced Wednesday that the company will add Kelly Kramer to its board of directors.

Kramer, a longtime Silicon Valley executive, is currently CFO of Cisco but is in the process of retiring from this role. She also sits on the board of directors of Gilead Science and Data Society, Snowflake, a company that went public earlier this year.

Coinbase adding Kramer to its board comes as the company plans to announce its own IPO. 2020 has been a boon for IPOs as Coinbase is currently up to the task thanks to Bitcoin price that just broke $ 20,000.

In another important measure, Armstrong announced that current board observer Marc Andreessen will take on the role of full board member. The move is another possible sign that a Coinbase IPO could be imminent given that Andreessen is one of Silicon Valley’s largest investors and has helped grow many companies, including Facebook.

In one blog post Announcing the changes, Armstrong noted that Kelly will replace Chris Dodds as chairman of the audit and compliance committee, and that Dodds intends to spend more time on matters relating to his family.

Wednesday’s announcement comes after the founding of Coinbase another deck of cards in August, adding Andreessen and Gokul Rajaram, a DoorDash executive and veteran ofGoogleand Square.

Since its inception in 2013 as a place to buy Bitcoin by non-technical people, Coinbase has grown into the leading cryptocurrency company. Insiders say the company, which earns commissions when clients trade, thrives on a booming crypto market. But Coinbase has also suffered a recent uproar following a controversial blog post by Armstrong declaring the company to be “apolitical” and to accusations unspoken racism of former black employees.

More to read absolutely financial cover of Fortune:


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