Former Chancellor George Osborne has joined Coinbase’s global advisory council, the firm announced today, as the multibillion-dollar cryptocurrency exchange eyes up international expansion.
Commenting on the appointment, Osborne said: “There’s a huge amount of exciting innovation in finance right now. Blockchains are transforming financial markets and online transactions. Coinbase is at the frontier of these developments. I look forward to working with the team there as they build a new future in financial services.”
It is unclear how much he will be paid in his new role.
The star-studded council, launched last May, also boasts former senator Patrick Toomey, former congresswoman Stephanie Murphy and BGR Group managing director David Urban.
News of Osborne’s appointment comes after the Financial Conduct Authority laid out sweeping plans last year to regulate so-called stablecoins as the UK government aims for the country to become a “global hub” for crypto.
Coinbase’s chief executive Brian Armstrong teased last April that the firm could relocate to the UK, criticising America’s failure to introduce a favourable regulatory framework for crypto.
Speaking to Osborne himself at the Innovate Finance Global Summit, Armstrong said: “The UK is our second largest market. We are not seeing regulatory clarity in the US. We may have to consider investing elsewhere. Anything is on the table, including relocating.”
However, Armstrong said in an interview with CNBC the following month that Coinbase had no formal plans to relocate.
The appointment adds to Osborne’s growing list of jobs he has taken up since leaving politics.
After leaving the Evening Standard, where he was editor in editor-in-chief, and his a senior adviser role at investment firm Blackrock in 2021, he went on to become a partner at Robey Warshaw LLP, a boutique investment bank.
In May, Osborne was also appointed to be non-executive chairman of Lingotto Investment Management, which is backed by Italy’s Agnelli family.
He also has a podcast with former shadow Chancellor Ed Balls called Political Currency, which launched in September.
