Coinbase Bolsters Board with Ex-xAI CFO Amid Shift to 24/7 Markets

Coinbase has made a strategic move by appointing Anthony Armstrong to its board of directors. Armstrong, who previously served as the chief financial officer at xAI and X, brings with him experience in deal-making, government knowledge, and working with Elon Musk's companies.

The appointment comes as Coinbase is shifting its focus from trading volume to control of technologies behind 24/7 markets. The company has been experiencing weaker financial results and a sharp drop in share price, closing at $174.96 on September 2, down over 40% compared to the previous year.

Armstrong's background is seen as an asset for Coinbase, given his experience in building things that work at scale without waste. He will also take a seat on the Audit and Compliance Committee, increasing the company's number of directors from nine to ten.