Fred Ehrsam, Cofounder of Coinbase Plans to Step Down

Fred Ehrsam, Cofounder of Coinbase Plans to Step Down

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...

Coinbase Co-Founder Fred Ehrsam is Leaving the Company

Coinbase Co-Founder Fred Ehrsam is Leaving the Company

Former Goldman Sachs trader and Coinbase co-founder Fred Ehrsam is leaving the San Francisco bitcoin startup for new opportunities. Revealed to the company today via an internal meeting, Ehrsam told CoinDesk he intends to now “step back” from his daily duties at the end of January, take some time off, and potentially, plot a new venture in the blockchain industry. “There’s a high probability it will be in the crypto space,” he said. Ehrsam will continue to hold a position on the Coinbase board. When asked about the reasons behind the move, Ehrsam said that he believes both the company and the wider blockchain industry to be at an “inflection point”. “This is the first time I’ve thought it could support a...

Coinbase Receives New York BitLicense

Coinbase Receives New York BitLicense

Bitcoin wallet and exchange Coinbase yesterday announced that they have obtained the Bitlicense from the New York Department of Financial Services (NYDFS). It is the formal license to carry out digital currency-related businesses in the state of New York. Coinbase believes that the long-term success of virtual currency and blockchain technologies will require productive partnerships between industry and government. Support from government is seen as essential in longevity of any cryptocurrency even by the other members of the crypto community. Further, Coinbase sees the Bitlicense as an important validation of its highest priority, which is, to operate the most secure and compliant digital currency exchange in the world. Coinbase plans to continue to make heavy...

Bitcoin Exchange Coinbase Receives New York BitLicense

The New York State Department of Financial Services (NYDFS) has awarded cryptocurrency exchange Coinbase a formal license to do business in the state. Though Coinbase has been allowed to serve New York customers under a safe-harbor provision while the application process was being conducted, the formal award of the so-called “BitLicense” solidifies the exchange’s operating status. Coming at a time when the exchange has been waging what could be an expensive legal battle with the IRS to protect its customer data, the license is being described as a “validation” of Coinbase’s aim to be compliant with regulatory considerations. A representative of Coinbase told CoinDesk: “We believe the long-term success of virtual currency and...

Coinbase CEO: IRS Battle Could Cost Startup $1 Million

Digital currency exchange Coinbase has issued new comments in its ongoing dispute with the IRS. The firm filed last week to officially respond to the so-called “John Doe” case instigated in November by the IRS, which is seeking to obtain three years’ worth of customer records in a bid to catch tax cheats. Specifically, Coinbase is asking that the court hold off a decision on a motion filed by one of its customers as well as the IRS summons itself, until March at the earliest. Coinbase is also going public about how it believes the effort could cost much-needed time and resources. Specifically, the startup said it may face as much as $1m in legal expenses as part of what it called “an extraordinarily broad” summons in last...