Shopify’s CEO and co-founder added to Coinbase board

Coinbase, a US-based cryptocurrency exchange, announced on Monday that it will add the CEO and co-founder of Shopify, Tobi Lutke, to its board so that he can bring new perspectives and experience to the company to help in expanding into new regions as it seeks to add more product offerings.

Tobi Lutke’s career began as an active member of the open-source community by contributing to projects like ActiveMerchant, Liquid, and Ruby on Rails.  It is then that he launched a brand selling snowboard equipment back in the year 2004; that later evolved to become the current Shopify.

This is what Brian Armstrong, Coinbase CEO and co-founder, said:

‘’The open-source programmer deeply believes in the power of crypto and was an early adopter of crypto through Shopify’s integration with Coinbase Commerce.”

Shopify is among the top e-commerce platform service providers in the world. It enables customers to sell their products including NFTs online and it accepts payments through cryptocurrencies.

Armstrong also added:

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

Coinbase desires to tap both Shopify’s reach in serving merchants in over 175 countries and their expertise in web application payment, finance, and the internet.

In response to the appointment, Tobi Lutke said:

“The concepts of decentralized finance and entrepreneurship exemplify the promise of Web3 where opportunity exists for the many, not the few,” he also added, “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.”

However, the move is yet to be ratified and it shall be confirmed by the Coinbase board later in the week.