One of the largest and most popular cryptocurrency exchanges in the U.S, Coinbase Inc. is boosting its expansion efforts by recruiting a creative Silicon Valley dealmaker.
The closely held firm that is based in San Francisco positioned Emilie Choi as vice president of corporate and business development. Previously, Emilie held the same position at LinkedIn Corp. There, she worked for 8 years, overseeing 40 deals and she expects to see similar activity for Coinbase.
In a telephone interview, Emilie said that there is an opportunity to look at talent acquisition where they are picking up creative technical talent that will help design great features for their products, to actual businesses that they want to use to improve functionality and consolidate user bases. Regarding what the number of deals will be she thinks that is to be determined.
Coinbase has over 10 million clients and owns a trading platform and a digital wallet. The company has been under growing strain due to the huge inflow of clients (last year, it added over 100,000 accounts in just one day) that has slowed down service and caused outages. It has raised over $217 million from venture firms including Union Square Ventures, Y Combinator, and Andreessen Horowitz.
Emilie started working at LinkedIn at the time when the network for professionals was also starting up. She hopes to lead similar success at Coinbase. She joined when the company it was 6 years old and it had not done any mergers and acquisitions. According to her, the company has the potential to become the “Google” of our time.
The cryptocurrency industry is blooming
This Coinbase’s move might point to a flourishing new stage of mergers and acquisitions in the cryptocurrency industry. Last month, it took place one of the greatest deals, and that was Circle Internet Financial Ltd.’s acquisition of Poloniex Inc. for the amount of $400 million. Moreover, it is highly likely that we will see more crypto-related firms to follow similar routes in order to grow and improve their services, resulting in a more powerful market.