What’s his reason for leaving???
As we know, Coinbase is the platform that stores, accumulates, sells and transfers our digital money, in the form of the digital wallet. Signing up the process for this website is similar to going to another website for login purposes. In the Coinbase policy procedure, we just have to add details of money and submit the information that comes up with the receiver, in order to transfer money. This Coinbase system now works and is available in 24 countries around the world.
But now, something has gone wrong with the system. As the head of the Coinbase policy, he has left the whole system, which has created a big change. The largest exchange and wallet provider Andreessen Horowitz released this official statement to Bloomberg on November 22. “Coinbase loses its key to keep its head, further points on Bloomberg.”
Mike Lempres decided to leave the firm after switching roles to become the head of Coinbase. He performs his responsibilities as head of the Coinbase mechanism well.
What was the reaction of the U.S market on this?
Unlike all other platforms, exchange services of the US market are also concerned with the significance of this happening. Coinbase and its major applications have drawn the attention of legal investors, in order to continue the battle of patchwork regulatory functions, which will suit the possible system frameworks. The properties of this system vary from state to state. Ongoing reviews about this issue for the U.S market have also changed, and its applications differ according to the system. This may also have convinced the head to resign from his post.
Currently, Lempres has been replaced by an unknown player, who has taken on the responsibility of the head of the legal company. Brian Brooks will continue to take over all the responsibilities of this mega-company. He is considered fully devoted to his new job.
Apart from the responsibilities of chief legal and risk officer at the time, he is really pleased by the tremendous growth of Coinbase system. Mike was in favor of presenting the growing image of the company, and furthermore, its compliance functions are going to deliver the vision, thanks to this compliance. Their statement is as follows;
“We wish Mike all the best for his new position in his post at Andreessen Horowitz”.
What’s Andreesen’s Motive:-
Previously, Coinbase received a detailed investment from the capital of the whole firm. This will also lead to the emergence of Series B funding to the tune of about USD 25 million. Andreessen Horowitz also made a big investment and contributions of EUR 300 million for exchange purposes this year.
Major U.S crypto and wallet exchange also provides a contribution of USD 300 million for the purpose of fresh funding, that also provides its post-money valuation of about USD 8 dollars. According to the Coinbase platform, the funds are used to accelerate the adoption of all kinds of cryptocurrencies. This will also build up the infrastructure of support, in order to regulate the fiat crypto trading for the purposes of fresh investment globally. This, in turn, will support the idea of an increase of thousands, in terms of new crypto this year. The Coinbase wallet was also developed for the creation of new applications.
Coinbase has also highlighted the various applications that prompt the institutional investor to explore the concept of crypto. This initiated something very bullish, as the improved structure and applied offerings could unblock USD 10 billion from many different institutional investors, encouraging them to set money aside. Today, new plans were added by the new crypto assets, which also provides the exciting prospect that business will be open in July.
Fresh legal woes:-
This week, the exchange service for this platform encountered fresh legal woes for the deceased users’ files. This lawsuit also alleged insider trading, that was specifically designed for the Bitcoin Cash, that will also bring the worth of Bitcoin back to the market. The hearing date for this lawsuit was in January 2019.
Bitcoin transactions for this system will need four days to complete within the system. The only way to ensure faster transactions is to pay a transaction fee, which began at the end of 2017, and amounted to around USD 28. Payment issues, which is one of the main causes that hampers the idea of new Bitcoin-based currency, were also considered.
BCH was developed at this point, by the sort of hard work that took place to manage the problem with the scalability of this company. Bitcoin Cash differs from Bitcoin, in terms of properties. Some major tentative plans were made by the investors, which add up 300 major cryptocurrencies to this sort of platform.
Some U.S have officials concluded that Coinbase will not perform an initial public offering IPO. Further statements by Mike were also added to the investigation that provides proof of his reason for leaving the company. Mike plays a very important role for the improvement of Coinbase, leading it towards new heights in terms of progress and popularity. He was happy to join Andreessen Horowitz for the sake of patchwork regulatory functions.