Rumor: Bison Trails Founders Joe Lallouz And Aaron Henshaw Now Depart Coinbase

Key Points:

• Joe Lallouz and Aaron Henshaw, the founders of Bison Trails, have left Coinbase.
• Bison Trails was effectively rebranded to Coinbase Cloud when it joined Coinbase. Lallouz was promoted to head of Coinbase Cloud, while Henshaw was promoted to head of engineering.

The co-founders of Bison Trails departed Coinbase today, according to The Block, three persons familiar with the matter.

Bison Trails was founded by Joe Lallouz and Aaron Henshaw to run infrastructure across various blockchains, enabling applications such as crypto staking. Coinbase acquired the company in 2021 in order to grow into infrastructure. According to Axios, the company paid more than $457 million for Bison Trails.

• Coinbase spent $258 million in total consideration to acquire Unbound Security earlier this year, paying $151.4 million in cash and most of the rest in stock.
• For FairXchange, Coinbase said it spent $275.1 million in total consideration, including more than $56 million in cash. The deal — considered a step for the company into crypto derivatives — closed in February.
• For example, Coinbase announced the Unbound deal in November, when shares of the former traded north of $300 for the month. It closed, however, in early January, when the shares of the company had slid closer to $250 apiece.

Bison Trails was effectively rebranded to Coinbase Cloud when it joined Coinbase. Lallouz was promoted to head of Coinbase Cloud, while Henshaw was promoted to head of engineering.

The departure comes at a tough time for the company and the cryptocurrency industry as a whole. Bitcoin has recently risen in value, but it is still down more than 60% from its all-time peak in 2021. Coinbase slashed 950 people, or 20% of its workforce, earlier this month, and decreased its operating expenses by 25%. It slashed 1,100 positions in June and another 60 in November.

Moody’s downgraded Coinbase on January 20, although stating that the company is safe, owing to its present robust liquidity position that is absorbing the firm’s continuous cash flow outflow. Coinbase had announced two days prior that it was suspending operations in Japan and advising consumers to withdraw their money from the site.

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