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CEO of Shopify Added to Coinbase Board of Directors

Tobias Lütke, the CEO of Shopify, has joined the Board of Coinbase. His approval is expected to be confirmed later this week.

coinbase
Bloomberg

It’s no secret that the CEO of e-commerce giant, Shopify, Tobias Lütke has been a long-standing supporter of crypto. It shouldn’t really come as a surprise then, to see that Coinbase has in fact announced on Monday, that Lütke will be joining its board of directors.

Brian Armstrong, the CEO of Coinbase, released a blog post voicing his support for Lütke and his early support for crypto, even suggesting that the Ottawa-based Shopify could definitely end up playing a strategic role 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,” Armstrong wrote.

Lütke’s addition to the Coinbase Board of Directors has definitely upped the possibility will be at least contemplating new retail or shopping initiatives. Coinbase did recently announce, after all, that it would accept Mastercard for NFT payments.

Armstrong further commented With his guidance, we hope to unlock crypto’s potential to increase economic freedom in the same way Shopify democratized online commerce.”

A person quite close to Coinbase had something interesting to say on the matter, however. He stated that Lütke’s appointment to the board has mostly been because of the good rapport he shares with Armstrong. Not only that but both CEOs also share views on political arguments being kept at arms’ length when it comes to their companies’ operations.

Lütke himself said that both Coinbase and Shopify as companies have a very similar vision regarding decentralization and its benefits, which is in and of itself a cornerstone of the crypto industry. In a statement, he said, “The concepts of decentralized finance and entrepreneurship exemplify the promise of Web3 where opportunity exists for the many, not the few.”

At present, his appointment is yet to be confirmed but is expected to be done later this week. Should it be approved, this would make him the 8th member of the board.

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