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Fred Ehrsam, Cofounder of Coinbase Plans to Step Down

Avatar Gautham 3 years ago

Fred Ehrsam, one of the founders of Coinbase, the leading Bitcoin company has decided to move on to brighter pastures. The cryptocurrency entrepreneur mentioned his intentions in a blog post three days ago.

According to Fred, he will be stepping down from the current position in Coinbase by the end of January 2017. He has started the exit process by gradually shedding his responsibilities over time. After seven long years, he seems to be taking a well-deserved break. Fred Ehrsam’s blog post also serves as a “thank you” note to fellow co-founder Brian Armstrong and rest of the company’s employees.

“I’m thankful for all of the faith everyone around the company has put in me and the experiences we’ve had together. To Brian: I cherish the lifelong friendship we’ve forged through amazing ups and downs. To the employees at Coinbase: you’re the most talented, hard-working group of people I know. Your constant thirst for knowledge is a source of inspiration. To our supporters, customers, and investors: Thank you for placing your confidence in us,” said Fred in his blog.

However, Fred won’t be entirely cutting ties with Coinbase. Even after his exit, he will continue to be one of the board members of the company.

Since its inception, Coinbase has gained over 5 million customers. It continues to onboard about 300,000 new customers each month, making it one of the fastest growing platforms in the cryptocurrency industry. Fred Ehsram believes that it is the right time to take a break and pass the baton. He mentions the company’s current position, which includes a 250% growth in 2016, the receipt of New York State BitLicense and the maturing cryptocurrency industry. All these factors make Coinbase a self-sustaining, well-oiled machinery that can afford a change of guard.

The company has expanded its workforce in the past few months. It has added few key personnel who can take care of many important activities, relieving the pressure on the founding team. After leaving the day to day operations in good hands, Fred intends to explore Ethereum for a while and start building blockchain-based decentralized services before retiring.

Ref: Fred's Blog | Fortune | Image: NewsBTC
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