Coinbase recruits Opyn core members

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ODAILY
07-11
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Coinbase has completed its sixth acquisition this year, in the form of an acqui-hire, bringing in two core members from the DeFi options protocol Opyn: CEO Andrew Leone and Research Head Joe Clark. The two will join Coinbase's on-chain market team to participate in the development of the Verified pool and other on-chain products. Coinbase stated that Leone and Clark have extensive experience in the DeFi field and possess a profound understanding of the future development of on-chain markets. The Opyn team previously launched the first DeFi options protocol and developed Power Perpetuals and Squeeth products. It is worth noting that Opyn was sued by the CFTC in 2023 for allegedly operating an unregistered trading platform and ultimately reached a settlement. This recruitment is part of Coinbase's strategy to drive the on-chain transformation of its trading business. So far this year, Coinbase has acquired teams or projects including Roam, Spindl, Iron Fish, Deribit, and Liquifi. (BlockWorks)

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