The senior director of product management at Coinbase, Vishal Gupta, has resigned from his position for an undisclosed new project, according to a post by Bloomberg.
Gupta will remain in the crypto space after leaving Coinbase but seems persuaded by another project that he finds more fascinating than his former role, according to people familiar with the matter.
Gupta worked with Coinbase for three years and was instrumental in the exchange’s new product launch. The crypto veteran also served at investment bank Goldman Sachs as vice president and head of US-listed options.
The Boss Bows Out
Before his exit, Gupta reported to Greg Tusor, who is in charge of Coinbase’s institutional products. Gupta has worked at top firms in the crypto space, including Circle Internet Finance Ltd., where he oversaw the inauguration of stablecoin USD Coin.
Gupta’s loss means that Coinbase has lost two of its team members in the product development section. Chief Product Officer Surojit Chatterjee left the exchange earlier this year after working for Coinbase for three years.
Turbulent Times for Coinbase
With the extended crypto winter heading towards its end, Coinbase has managed to stay afloat, though not as firmly as it would have wanted. The exchange posted a quarterly revenue loss of $557 million in Q4 of last year amidst declining trading volume. Coinbase also slashed its workforce by 20% in January as part of its ploy to survive the winter.
The Securities and Exchange Commission cracked down on Coinbase and other exchanges in the US, a major cause for concern for the largest crypto firm in America. Coinbase agreed to a $100 million settlement for bridging anti-money laundering laws earlier this year and is currently under scrutiny for its staking services, Coinbase Earn. The SEC stated that staking services were securities, a notion that Coinbase CEO Brian Armstrong is willing to engage in a legal battle to defend
