By: Eva Baxter
In an attempt to support its worldwide expansion, Coinbase has welcomed prominent political figure and financial contributor George Osborne on board. Famous for his role as the Chancellor of the Exchequer from 2010-2016, Osborne has expressed positive views of cryptocurrencies and blockchain technology. His role at Coinbase will involve sharing his vast experience of fintech investing, international finance, and government help the company as they solidify their footprint globally. The company's Chief Policy Officer acknowledged Osborne's versatile expertise as a major factor in his appointment.
Osborne has demonstrated excitement towards the dynamic world of finance, emphasising on blockchains' revolutionary effects on financial markets and transactions. He stated that he is keen to collaborate with the Coinbase team and build a fresh future for financial services. In his role as chancellor, Osborne had expressed that digital currencies could play an important part in finance and advocated for London to be a hub for fintech and digital currencies. His venture capital firm, 9Yards Capital, made significant profits from investments in the crypto boom.
Drawing attention to his past predictions in 2008 warning about potential fiat system failure in the UK, Osborne's appointment is seen as strategic. His first-hand experience dealing with a spiralling national debt could potentially make him a key asset in understanding the advantages of digital currencies like Bitcoin.
However, Osborne will also face challenges as new and complex regulations in the crypto sector emerge. His past visions for a digital asset hub in the UK did not materialise, and overcoming these regulatory hurdles will be one of the key focus areas in his advisory role at Coinbase.
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