Benzinga | Jan 31, 2022 12:58PM EST

Why Shopify CEO Tobi Ltke Is Joining The Coinbase Board

Coinbase Global Inc. (NASDAQ:COIN) recently added the CEO of one of the largest e-commerce brands to its board.

What happened: Coinbase added Shopify Inc (NYSE:SHOP) CEO and co-founder Tobias "Tobi" L?tke to its board, the Block reported on Monday.

Coinbase CEO and co-founder Brian Armstrong said that L?tke is one of the first crypto adopters "through Shopify's integration with Coinbase Commerce."

"With his guidance, we hope to unlock crypto's potential to increase economic freedom in the same way Shopify democratized online commerce," the Coinbase CEO noted.

"The concepts of decentralized finance and entrepreneurship exemplify the promise of Web3 where opportunity exists for the many, not the few," said L?tke. "Coinbase and Shopify share this like-minded vision, and I am excited to join the Board to support the future that Brian and the Coinbase team are building."

See Also: 2022 Coinbase Review * Pros, Cons & More

A few cryptocurrency companies have been adding experienced executives to their boards of directors, believing they could bring something new to the table. Last week, Blockchain.com added the former American Airlines Group Inc (NASDAQ:AAL) Chairman Tom Horton as the lead independent director to its board.

Photo: Courtesy Coinbase