Blockchain
Former UK finance minister joins Coinbase crypto exchange as an advisor
A former British finance minister on Wednesday joined cryptocurrency exchange Coinbase as a global advisor, beefing up the company’s regulatory bargaining power at a time when it faces severe scrutiny stateside.
Coinbase announced that George Osborne, who served as Britain’s chancellor of the exchequer from 2010 to 2016, will join the company on its global advisory council.
He’ll join the likes of Mark Esper, the former U.S. Secretary of Defense and Patrick Toomey (R-PA) on the council, which is in place to “advise Coinbase on our global strategy as we grow our reach around the world.”
Faryar Shirzad, Coinbase’s chief policy officer, said the company was “pleased to have George join our council at an exciting time for us in the U.K. and globally.”
“George brings with him a wealth of experience in business, journalism and government. We look forward to relying on his insights and experiences as we grow Coinbase around the world,” Shirzard added.
Osborne will serve in an advisory capacity at Coinbase, helping connect the company with politicians and regulators to help further the cause of forming crypto-friendly regulations.
While chancellor of the exchequer, Osborne launched a slew of austerity policies aimed at reducing the budget deficit, including freezing child benefits, reducing housing benefits, and implementing a two-year pay freeze for public sector workers. He also tried to stimulate business activity by cutting corporation tax.
Osborne was temporarily editor-in-chief at London’s Evening Standard newspaper after completing his tenure as Britain’s finance minister. He is currently a partner at Robey Warshaw LLP, a boutique investment bank.
“There’s a huge amount of exciting innovation in finance right now,” Osborne said. “Blockchains are transforming financial markets and online transactions.”
“Coinbase is at the frontier of these developments. I look forward to working with the team there as they build a new future in financial services,” Osborne continued.
Osborne’s ties with Coinbase aren’t new
Suggestions of a growing relationship between Osborne and Coinbase first emerged last year, when Coinbase’s CEO Brian Armstrong spoke onstage in a fireside moderated by Osborne at a fintech event in London.
Osborne subsequently spoke with Coinbase’s chief financial officer, Alesia Haas, at a fireside chat in the Belvedere Hotel during the World Economic Forum in Davos, Switzerland.
It comes as Coinbase has made something of a land grab across Europe, expanding in multiple countries over the last few months with new licenses in place. The company was granted a virtual asset service provider license in France last month, paving the way for expansion of its services there. It has also recently secured licenses in Spain, Singapore, and Bermuda.
Coinbase is currently facing a harsh regulatory crackdown in the U.S. where the Securities and Exchange Commission has accused the company of violating securities laws. Coinbase denies the allegations.
Last year, Coinbase chief Armstrong appeared on stage with Osborne at the Innovate Finance Global Summit conference in London. At the event, Armstrong said he was open to investing more abroad, including relocating from the U.S. to the U.K. or elsewhere if the regulatory pressure on crypto companies continues.
“I think if a number of years go by where we don’t see regulatory clarity around us … we may have to consider investing more elsewhere in the world. Anything including, you know, relocating,” Armstrong told Osborne.
He told CNBC’s Arjun Kharpal at the time that Coinbase was “looking at other markets” as it considers its position from a regulatory standpoint.
Armstrong did later clarify in an interview with CNBC’s Dan Murphy that Coinbase had no formal plans to relocate from its U.S. headquarters in San Francisco. “Coinbase is not going to relocate overseas,” Armstrong said. “We’re always going to have a U.S. presence … But the U.S. is a little bit behind right now.”
The post Former UK finance minister joins Coinbase crypto exchange as an advisor appeared first on HIPTHER Alerts.
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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