Digital currency exchange Coinbase welcomed a new member to its Board of Directors on Wednesday, as it continues to draw on expertise from outside the cryptocurrency sector.
Kelly Kramer, former CFO at Cisco, will serve as Chair of Coinbase’s Audit and Compliance Committee, CEO Brian Armstrong revealed Wednesday. She replaces former Charles Schwab board member Chris Dodds, who served on Coinbase’s board for over two years.
Kramer joins Coinbase following a nine-year stint at Cisco, one of the world’s largest IT conglomerates, where she held various senior roles, including executive vice president and chief financial officer.
Kramer was “responsible for managing the company’s financial strategy and overseeing all financial functions, corporate development, acquisition program, integrations and investor relations,” Armstrong said.
Armstrong also announced that Marc Andreessen, co-founder and general partner at Andreessen Horowitz, is transitioning to a full-time role with the board.
Coinbase’s boardroom is comprised of individuals from various industries, including finance, technology and venture capital. Members appear to have been purposely recruited from outside the cryptocurrency and enterprise blockchain domains, possibly as a way to bring new insights and contributions to the emerging crypto exchange.
Kramer’s addition, like those before her, reflects growing mainstream recognition that digital assets are here to stay.
Founded in 2012, Coinbase is one of the largest and most established digital currency exchanges on the market. It’s a popular choice for newcomers because it allows them to buy digital assets like Bitcoin (BTC) and Ethereum (ETH) directly using fiat money.
At the same time, the exchange has drawn criticism for being unreliable during periods of volatility. The exchange reportedly ran into tech troubles again on Wednesday just as Bitcoin smashed through $20,000 for the first time.