Coinbase World Inc., the most important U.S. cryptocurrency trade that expects to go public in April, has introduced on veteran Morgan Stanley lawyer Ian Rooney as its new head of enterprise compliance.
The San Francisco-based firm additionally employed Molly Abraham this month as an affiliate normal counsel for industrial. She was most not too long ago normal counsel at normal counsel for flying car startup Kitty Hawk Inc.
The most recent batch of authorized hires, confirmed by Coinbase spokesman Elliott Suthers, comes a month after the corporate added a new compliance chief and a half-dozen different attorneys, together with affiliate normal counsel Lindsay Danas Cohen and product counsel Alexander Zozos and Kenneth Hwang.
Coinbase plans to go public via a direct listing, an alternative choice to an preliminary public providing, Bloomberg Information recently reported. Shares buying and selling in personal auctions probably value Coinbase at up to $100 billion. Firm co-founder and CEO Brian Armstrong may reap a $3 billion windfall from the itemizing.
As a part of its going-public course of, Coinbase disclosed some potential legal liabilities it faces from state and federal probes of its operations. The corporate additionally this week announced its addition of a brand new non-lawyer head of capital markets in Brett Redfearn.
Rooney, a former Davis Polk & Wardwell affiliate, has spent the previous decade at Morgan Stanley, the place he was most not too long ago a managing director and head of worldwide monetary crimes infrastructure compliance in New York. Abraham, a former affiliate at Wachtell, Lipton, Rosen & Katz, joins Coinbase after 4 years at Mountain View, Calif.-based Kitty Hawk, which is backed by Alphabet Inc. co-founder Larry Page.
Abraham, in a message she wrote this month on LinkedIn, mentioned she was excited to be making the swap “from flying vehicles to crypto.” She didn’t reply to a request for remark about her determination to depart Kitty Hawk, which has promoted her former deputy, Angela Gandhi, to be its head of authorized.
Danas Cohen was beforehand normal counsel at Orchard Platform Markets LLC, a lending knowledge and providers startup sold in 2018 to Kabbage Inc. She then spent greater than two years as authorized chief for Velocity Markets Inc., a digital asset startup sold this past November to San Francisco-based Securitize Inc.
A trio of different in-house additions joined Abraham and Rooney on the firm this month. Grant Rabenn, who spent the previous decade as a federal prosecutor in Sacramento and Fresno, Calif., was employed as an affiliate normal counsel for Treasury Division and Justice Division issues.
Armstrong Teasdale company providers accomplice Thor Mathison in St. Louis additionally got here aboard as an affiliate normal counsel. Arya Sadeghi, a principal company counsel at data analytics company CoreLogic Inc. in Irvine, Calif., was employed as senior counsel.
Isabelle Younger, a senior litigation counsel at Google LLC, the place the previous Simpson Thacher & Bartlett and Cleary Gottlieb Steen & Hamilton affiliate spent a dozen years on the Alphabet affiliate, was employed by Coinbase in February as a director and affiliate normal counsel for litigation.
The corporate for the past year has been expanding its legal staff underneath chief authorized officer Paul Grewal, who joined the company last summer. Coinbase disclosed in securities filings final month that Grewal received more than $18 million in complete compensation after being hired from Facebook Inc.
Coinbase has tapped Fenwick & West to advise on its direct itemizing. The corporate mentioned in recent securities filings that it expects to incur greater than $2.7 million in authorized charges and bills in going public.
Fenwick, in a follow widespread amongst its Silicon Valley brethren, famous in the identical filings that “people and entities related” with the agency “beneficially personal an mixture of lower than 0.01%” of Coinbase’s capital inventory, which can convert to Class B widespread inventory when the corporate finally goes public.
Latham & Watkins is representing monetary advisers on Coinbase’s direct itemizing.