Coinbase Names Tobias Lütke (Shopify CEO) as a Board Member
Feb 01 2022
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Shopify's CEO Joining Coinbase's Board may signal the increasing importance of cryptocurrency in everyday life.
Coinbase announced on Monday that Tobias Lütke, who leads the eCommerce giant Shopify to join their board of directors. In a blog post published by Coinbase CEO Brian Armstrong this week, he touted early support for cryptocurrency and suggested that Shopify's role could play an important strategic one in crypto's future -
"Shopify sits at the nexus of three important areas that crypto seeks to revolutionize: Finance and payments, web applications, and the internet itself"
Lütke's appointment to Coinbase’s board raises the possibility that the company, which recently announced it would accept Mastercard for NFT payments and has been working on increasing retail opportunities through its platform with a number of large brands including Tesla motor car maker Elon Musk's SpaceX startup Telsa Inc., may be contemplating new initiatives.
"With his guidance, we hope to unlock crypto’s potential to increase economic freedom in the same way Shopify democratized online commerce," wrote Armstrong.
It is not surprising that Lütke's appointment to the Coinbase board came about in large part due to his good rapport with Armstrong, who shares similar views on keeping politics away from company operations.
Lütke said he is excited to work with Coinbase and Shopify because they share a similar vision about the benefits of decentralization, which can be found in many crypto industries.
“The concepts of decentralized finance and entrepreneurship exemplify the promise of Web3 where opportunity exists for the many, not the few,” - said Lütke.
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