One of Coinbase’s top executives, Vishal Gupta, is bidding farewell to the renowned US-based cryptocurrency exchange after more than two years at the helm. But don’t count him out of the crypto arena just yet.
Sources suggest that Gupta’s next move may involve creating a new venture focused on the blockchain or digital assets.
Bloomberg reported that although Gupta is stepping down from his Coinbase role, he’s not leaving the industry entirely.
Former Coinbase Head of Exchange Reflects on Achievements
Gupta bid farewell to the company in a recent Twitter thread. In his heartfelt message, Gupta expressed his pride in the accomplishments made during his 2.5-year stint at the company, but noted that it was time to “move on” to new endeavors.
Among the many milestones that Gupta highlighted, the acquisition of FairX in January 2022 stood out, as well as the launch of USDC, one of the world’s largest stablecoins, and a joint venture between Coinbase and Circle.
1/6 After an amazing 2.5 years at @Coinbase, I’ve decided it’s time for me to move on. As Head of Exchange/Markets @Coinbase, I’m proud of the accomplishments we achieved together
— Vishal K. Gupta (@vishalkgupta) April 10, 2023
Gupta also highlighted the exchange’s impressive market expansion, which rose from 35% in 2020 to a recent high of approximately 65%.
Coinbase’s Regulatory Woes Escalate as Head of Exchange Quits
Gupta appears to have silently bid adieu to the cryptocurrency exchange. While there have been no updates to his LinkedIn or Twitter accounts regarding his departure, sources for Bloomberg suggest he may be departing to venture into new opportunities in the crypto space.
Before joining Coinbase, Gupta had already established himself as a prominent figure in the industry, having served as the Head of USD Coin for Circle, and previously as Vice President for Goldman Sachs.
This news of Gupta’s departure comes amidst a flurry of legal and regulatory challenges faced by Coinbase. The exchange recently disclosed that it had received a Wells notice from the US Securities and Exchange Commission, indicating a potential enforcement action.
Additionally, Coinbase is supporting plaintiffs in their lawsuit against the Treasury Department’s Office of Foreign Asset Control, over its decision to impose sanctions on the Tornado Cash mixer. The tumultuous regulatory landscape could have played a part in Gupta’s decision to leave Coinbase.
Crypto total market cap at $1.18 billion on the daily chart at TradingView.com
As Gupta moves on from Coinbase, the cryptocurrency world awaits his next move. His contributions to the industry have been significant, and it will be interesting to see how he continues to shape the space in the future. With the continued growth and adoption of digital assets, there is no doubt that Gupta’s expertise and leadership will be in high demand.
-Featured image from LinkedIn