Coinbase Product Chief Quits To Work On Secretive Crypto Project

Vishal Gupta, the former senior director of product management at Coinbase Global Inc. COIN, is leaving the digital-asset trading platform to work on a new project in the cryptocurrency space.

What Happened: The focus of Gupta's new project remains unclear, according to a Bloomberg report that quoted a person familiar with the matter. The anonymous source, however, confirmed that Gupta will stay within the cryptocurrency industry.

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During his tenure at Coinbase, Gupta played a significant role in developing key products for the exchange.

Prior to that, he worked for Circle Internet Financial, where he was responsible for launching the company's flagship stablecoin USD Coin USDC/USD.

Gupta also spent eight years at Goldman Sachs Group Inc. GS as vice president and head of U.S.-listed options.

Coinbase, the largest crypto exchange in the U.S., is facing increasing regulatory scrutiny as regulators tighten policing in the digital asset industry.

Recently, the Securities and Exchange Commission, or SEC, flagged plans to bring an enforcement action against Coinbase related to an undefined segment of its listed digital assets and its staking service Coinbase Earn and Coinbase Wallet. Despite this, Coinbase maintains that its products and services are legal and welcomes "a legal process to provide the clarity we have been advocating for."

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