As the multibillion-dollar cryptocurrency exchange considers expanding internationally, the company announced today that former chancellor George Osborne has joined Coinbase’s global advisory council.
Osborne stated, “There’s a huge amount of exciting innovation in finance right now,” in response to the appointment. Online transactions and financial markets are changing due to blockchain technology. At the forefront of these advancements is Coinbase. I’m excited to collaborate with the group there as they create a brand-new financial services future.
How much he will be paid in his new position is unknown.
In addition to former senator Patrick Toomey, former congresswoman Stephanie Murphy, and managing director of BGR Group David Urban, the star-studded council was established in May of last year.
The Financial Conduct Authority unveiled comprehensive plans last year to regulate so-called stablecoins, to make the UK a “global hub” for cryptocurrency. This news of Osborne’s appointment follows.
In April of last year, Coinbase’s CEO, Brian Armstrong, hinted that the company might move to the UK while criticizing the United States for not enacting favorable regulations for cryptocurrencies.
At the Innovate Finance Global Summit, Armstrong addressed Osborne directly and stated, “The UK is our second largest market.” In the US, regulations are not clearly defined. We might need to think about making investments elsewhere. Everything is up for discussion, even moving.
Nevertheless, Armstrong stated that Coinbase had no official plans to move in an interview with CNBC the following month.