Coinbase is working on a new platform.
This was explicitly stated in a recent post on their official blog, in which they welcome three new “senior leaders”.
In this post they write:
“In order to scale our business and fulfill our vision of increasing economic freedom in the world, we need the ability to do more with our resources. That’s why we’re creating a new Platforms team across our Product and Engineering orgs, and have hired two exceptional leaders for this new team”.
There are no details of the new platform, but it is quite clear that they are working on something of the sort.
The two leaders referred to are the new VP of Product, Shilpa Dhar, and the new VP of Engineering, Ravi Byakod.
The third hired senior leader is the new VP of Design & Research, Frank Yoo.
Three experts for the new Coinbase platform
The stated goal of Coinbase is to create a strong, scalable, regulatory-compliant infrastructure that can keep pace with the growing crypto economy.
Shilpa Dhar comes from Venmo and has spent over a decade at PayPal, where he led several teams including Nextgen Commerce, Identity, Global Customer Onboarding and User Platforms.
Ravi Byakod comes from Adobe, where he followed the development of the commerce platform, and previously worked in eBay, Google, StubHub and Flipkart.
Frank Yoo has led Google‘s research and design teams for GSuite, and before that was at LinkedIn and Yahoo.
The announcement says nothing else but suggests that the goal could be to achieve greater scalability particularly for the Coinbase Commerce platform, as Dhar and Byakod have expertise related to this type of platform.
However, it should be remembered that there have also been a number of recent developments in the crypto exchange sector, with the rise of Binance on the one hand, and the growing success of DEXs, i.e. decentralized exchanges, on the other.
This means that Coinbase cannot rest on its laurels, but must continue to progress and innovate, for example by developing new platforms or updated versions of existing ones.