Mike Lempres, the legal head of leading exchange Coinbase, has left the cryptocurrency company in order to take up a position in a prominent venture capital firm
The news comes as a courtesy of a Bloomberg release which states that Lempres will be filling a role at the investment mega-company Andreessen Horowitz. Regarding the news, Coinbase commented:
“As chief legal and risk officer during a time of tremendous growth for Coinbase, Mike was instrumental in building the company’s legal and compliance functions and driving our vision of trust through compliance.”
Furthermore, the feelings seem amicable as Coinbase offers Lempres good wishes in the new role:
“We wish him the best in his new position with Andreessen Horowitz.”
This news comes at a time when the cryptocurrency market is in need of all the help it can get – the markets are faced with seemingly consistent red and the prices are heading down. However, Lempres, who has worked for Coinbase for over a year had apparently already decided to move from the company in September.
Coinbase and Andreessen Horowitz are not unfamiliar with one another. In 2013, the Venture Capital firm invested in the exchange – resulting in its Series B funding valued at $25 million USD. Last month, the firm also added $300 million USD to a fundraise round for the exchange.