On 31st August 2020, Chan Carylyne, the interim CEO, announced that she and four others from CoinMarketCap’s leadership team left the firm. One of those executives is Spencer Yang, the vice president of operations, growth, and revenue. Additionally, Jeow Seow, the vice president of products, Matthew Lippl, the global head of design, and Jared Chin, the project lead and director of events are the others from CoinMarketCap’s leadership.
Brandon Chez launched CoinMarketCap in 2013. He was the CEO at the time, but left when Binance acquired the firm. Carylyne Chan took over as the CEO, hoping to ensure a smooth transition for the team.
Exodus is 4 Months After Binance’s Acquisition
Four months ago, Binance acquired CoinMarketCap for about $ 400 million. Changpeng Zhao (CZ), Binance CEO, said that Binance’s ethics and culture aligns well with CoinMarketCap, including its integrity, freedom, transparency, and the user focus. Furthermore, the shared vision of both firms is to bring further growth and transparency in the digital currency sector.
According to Zhao, the Binance plan is to empower CoinMarketCap to continue building innovative and great products for its users at large. The payment for CoinMarketCap’s attainment was in the form of equity and BNBs.
CoinMarketCap remains one of the top-visited websites in the crypto industry. This crypto data analyzing website had over 33 million visitors in July alone
Besides, CoinMarketCap has an excellent traffic driving potential. In turn, it would be a significant motivator for the acquisition of CoinMarketCap by Binance. Upon purchase, CoinMarketCap is currently drawing more visitors to its website.
Comments on CoinMarketCap’s Leadership Departure
Chan declined to comment on the issue when asked whether Binance contributed to the CoinMarketCap leadership team’s exit. The interim CEO only said that there was reassignment for leadership team.
Many anticipate that Binance will replace the five executives with its staff. Both Binance and CoinMarketCap also declined to comment on the executive exit issue. The Binance spokesperson pointed out that CoinMarketCap works independently. On the other hand, CoinMarketCap’s spokesman pointed out that a new team govens the firm.
Chan says that she is now looking out on other opportunities both in crypto and non-crypto related. Likewise, Yang has joined the On Deck Fellowship. According to Yang, this new experience is a fantastic community of founders, builders, and dreamers from distinct backgrounds.
