Shopify CEO joining board of Coinbase, the largest U.S. crypto exchange

Cryptocurrency exchange Coinbase Global Inc. says Shopify CEO Tobi Lutke will join its board of directors.

Coinbase founder Brian Armstrong said in a release that Lutke brings experience as an entrepreneur, and as an early adopter of crypto including through Shopify’s integration with Coinbase’s crypto payment platform.

He says Lutke will help as Coinbase looks to expand crypto to more people and businesses globally.

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Lutke said in a statement that Coinbase and Shopify share the like-minded vision of decentralized finance and entrepreneurship.

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In 2020, Shopify also joined the Facebook-backed Diem (then called Libra) Association that was working on a global digital currency, though media reports last week said that the association was selling its assets.

Coinbase says the appointment is still subject to formal board approval.