Coinbase Exec Leaves Crypto Trade for Stablecoin Issuer

Another alumnus of Coinbase has left the cryptocurrency sector unicorn for a smaller sized startup.

Vaishali Mehta, who worked as a senior compliance manager at Coinbase from November 2017 to November 2018, joined TrustToken final thirty day period as head of compliance, in accordance to her LinkedIn profile.

TrustToken, the organization behind the TrueUSD stablecoin, confirmed the employ. Neither Coinbase nor Mehta herself responded to CoinDesk’s requests for comment at press time.

A former head of BSA/AML (Lender Secrecy Act/anti-dollars-laundering) danger and onboarding at Deutsche Lender, Mehta is 1 of several superior-position or very long-tenured staff who have left Coinbase in the final couple months.

In October, Adam White, who was Coinbase’s fifth-at any time staff, left to become the chief working officer of Bakkt, the new digital asset trading platform developed by Intercontinental Trade, the father or mother organization of the New York Inventory Trade. Also that thirty day period, Coinbase’s head of trading, Hunter Merghart, resigned soon after just 6 months on the task.

Coinbase’s chief plan officer Mike Lempres left for enterprise funds company Andreessen Horowitz (an trader in the startup) in November. And final thirty day period, Coinbase danger functions manager Rees Atlas, who joined in 2013, moved to the marketing and advertising communications startup Twilio, and quickly soon after that chief product or service officer Jeremy Henrickson quit.

New employer

Very last year was a busy time for Mehta’s new employer, TrustToken. Soon after launching TrueUSD, a stablecoin backed by U.S. bucks, in March, the organization raised $20 million of enterprise funding via a strategic token sale from investors like Andreessen Horowitz (a16z), BlockTower Funds, Danhua Funds and others in June.

In December, TrustToken noted efficiently passing a clever deal security audit by Certik, SlowMist and Zeppelin. The organization explained it is storing its dollar reserves in numerous 3rd-party rely on companies controlled by numerous U.S. states.

TrueUSD is 1 of several cryptocurrencies designed to maintain parity with the U.S. dollar that launched in 2018 to compete with the market place leader, regarded as tether or USDT. Stablecoins allow for crypto traders to move dollars speedily involving exchanges with no owning to rely on the banking method. Tether experienced a crisis of self-confidence in the drop amid thoughts about its dollar backing, while it later on regained its parity with the buck.

As of Thursday evening, TrueUSD’s market place cap exceeded $200 million.


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