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Shopify CEO Joins Coinbase Board of Directors
Tobias Lütke scaled Shopify from a niche online marketplace to a global e-commerce giant.
Updated May 11, 2023, 4:01 p.m. Published Jan 31, 2022, 2:00 p.m.
Tobias Lütke, CEO and founder of the e-commerce site Shopify, will join Coinbase’s board of directors subject to formal board approval later this week.
- Lütke will help Coinbase with its expansion plans as the crypto exchange targets newer products that appeal to crypto traders and investors internationally, Coinbase said in a note.
- “We hope to unlock crypto’s potential to increase economic freedom in the same way Shopify democratized online commerce,” Coinbase CEO Brian Armstrong said in a press statement.
- Lütke was an early adopter of crypto through Shopify’s integration with Coinbase Commerce. It serves millions of merchants in more than 175 countries.
- “The concepts of decentralized finance and entrepreneurship exemplify the promise of Web 3 where opportunity exists for the many, not the few,” said Lütke in a statement. “Coinbase and Shopify share this like-minded vision, and I am excited to join the Board to support the future that Brian and the Coinbase team are building.”
- Lütke joins a board that includes Armstrong, Coinbase cofounder Fred Ehrsam, a16z founder Marc Andreessen and Kelly Kramer, the former CSO of Cisco.
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VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
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