Five years after co-founding Coinbase, one of the most well-funded Bitcoin ventures, Fred Ehrsam has decided to leave the company.The former Goldman Sachs trader revealed in a blog post Wednesday that he would resign from his day-to-day role at the company at end of the month.
He plans to remain on its board.Having raised a total of $117 million in venture capital funding at a private valuation approaching half a billion dollars, Coinbase was one of the first well-designed Bitcoin wallets to enter the scene.
Since its debut, the company has transformed into more of a brokerage for people to trade digital assets that exist on a blockchain, the public ledger system that undergirds digital currencies like Bitcoin.
Ehrsam isn t the only key employee to leave Coinbase recently.
Last year, Olaf Carlson-Wee, the company s earliest hire, went off to found a cryptocurrency hedge fund.In an interview after announcing his planned departure, Ehrsam discussed Coinbase s battle with the IRS over obtaining information about its customers he feels confident in the company s stance and the growing professionalization of the Bitcoin trading world he s all for it .
The following is an edited transcript.Fortune: Everybody seems to be leaving Coinbase.