Key Points:
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.
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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