01 February 2024 , 10:21
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Former chancellor George Osborne has joined cryptocurrency exchange Coinbase as an adviser.
He will be part of the company's global advisory council, as it aims for worldwide expansion despite a legal battle in the US. Mr Osborne, who was chancellor from 2010 to 2016, said there is a "huge amount of exciting innovation in finance right now", and that Coinbase is "at the frontier" of these new developments.
Coinbase, launched in 2012, is an online platform where people can buy and sell cryptocurrencies like Bitcoin and Ethereum. The firm holds billions of dollars worth of assets in over 100 countries, including Britain, and recently secured licences in France, Spain and Singapore.
However, the company is currently facing a court case in New York. The US Securities and Exchange Commission (SEC) sued it last year, alleging that Coinbase unlawfully allows people to trade unregistered securities. This, according to the SEC, deprives investors of crucial protections.
This lawsuit comes as the crypto sector faces increased scrutiny. This follows the conviction of Sam Bankman-Fried in November, who was found guilty of defrauding thousands of cryptocurrency customers of billions of dollars through his crypto exchange FTX.
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The UK Government has recently revealed their ambitions to become a "global hub" for the growing world of cryptocurrency, aiming to supercharge the nation's financial services sector. Coinbase has expressed that having Mr Osborne as part of the team will positively contribute towards their growth.
Chief policy officer Faryar Shirzad said: "George brings with him a wealth of experience in business, journalism and government. We look forward to relying on his insights and experiences as we grow Coinbase around the world."
This council already includes some high-profile personalities such as the ex-US Secretary of Defence, Mark Esper, and former congresswoman Stephanie Murphy. Mr Osborne fills various business positions including currently being a partner at the exclusive investment bank, Robey Warshaw.
He was also the editor-in-chief of London's Evening Standard newspaper. He's also the chairman of trustees for the British Museum. Adding to his extensive resume, Osborne throws his hat into academia as a visiting professor at Stanford University and hosts a podcast called Political Currency with ex-shadow chancellor, Ed Balls.
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