Coinbase (NASDAQ: COIN) has lost yet another employee, Tim Wagner on July 30. According to reports, an unnamed spokesperson of the company confirmed the departure of Coinbase’s Vice President of Engineering. Wagner joined the firm shortly after it acquired Earn.com in August 2018 and had barely completed a year at the company.
Wagner’s role at Coinbase entailed building infrastructure and expanding platforms to enable the firm to add new assets on its platform. Wagner had excelled at this role given that Coinbase kept adding several cryptocurrencies to its exchange. Some of the added cryptocurrencies included Maker, Augur’s, REP, and EOS.
Wagner had previously served at Amazon for over six years as the General Manager of Amazon Web Services (AWS) and Amazon API Gateway. He also held a position at Microsoft as the Director of development for Microsoft’s Visual Studio Ultimate. Coinbase, therefore, stands to suffer a significant setback from this departure, attributable to the belief that it will not only be losing a performer with a record of accomplishment, but also one major key player in the tech industry.
However, Nick Tomaino, an earlier employee of Coinbase, has downplayed the probable negative effect of the departure. He believes that the exit will have no impact on the San Francisco based crypto unicorn’s turn over. Tomaino stated:
Coinbase is a utility for the industry, and its success as a company is solely dependent on the success of the cryptocurrency industry as a whole, A few exec departures don’t matter much in the grand scheme of things.
In the last couple of months, many senior officials have left the company. Notable executives who’ve departed include: The former Chief Technology Officer, Balaji Srinivasan, and the former Chief Operating Officer, Aissiff Hirji. Hirji was instrumental in the creation of legal infrastructure and business plans for Coinbase’s platform trading and custodial services. The most recent employee to leave was Andrew L. Ridenour, who left to join the U.S. Commodity Futures Trading Commission (CFTC).
The exchange has also lost a few clients in the U.K. after it recently increased its minimal withdrawal limit to £1,000 ($1,220). Many who wish to conduct smaller transactions have been forced to seek services from other crypto exchanges.
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