Coinbase is adding some notable technology veterans to its team, it says.
The new faces at the company – former Facebook security director Ryan McGeehan and Todd Edebohls, Amazon's former director of business development & sales – will bring with them extensive experience in the areas of security and business development.
When asked for comment, the San Francisco-based company issued a statement regarding the new team members, which have yet to be formally announced:
Coinbase co-founder Fred Ehrsam told TechCrunch: “The industry is continuing to evolve. We’re attracting very, very top talent from prior rocketships that were successful.”
The addition of McGeehan is a confidence builder for Coinbase's hosted wallet service.
The company faces a lot of risk in terms of security and, with the company hosting over a million wallets, there's a lot at stake.
Immediately after the Mt. Gox collapse, Coinbase invited Andreas Antonopoulos, a noted bitcoin developer and head of security for Blockchain.info, to check its security procedures.
Antonopoulos came away satisfied with Coinbase's practices, but McGeehan's new role as Director of Security Incident Response will bring to Coinbase more expertise in this area and should further reassure users and investors that the company is doing the right thing.
Along with Coinbase's role as a consumer-friendly wallet, it also provides merchants with bitcoin payment options. The company's payments API is used by a number of companies and organisations alongside normal POS systems.
The hiring of Edebohls as a business development executive should help the company bring new merchants on board and perhaps see its business expand into unchartered terrain.
Verified Coinbase members with a US bank account are able to use ACH transfers to move fiat into bitcoin relatively easily. Furthermore, Coinbase's 'Instant Buy' feature, when used with a US credit card, allows customers to obtain bitcoin immediately.
These key component have piqued the interest of venture capitalists and Coinbase raised $25m in a Series B round last December, led by Silicon Valley VC firm Andreessen Horowitz.
McGeehan says he is starting in April. Edebohls already lists himself as VP for a "to be announced" company on his LinkedIn profile.
Yup, I'm joining @coinbase in April. If you're working on BTC security anywhere, reach out so we can share ideas.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.