Big changes have come to CoinMarketCap, one of the biggest crypto tracking platforms on the internet. It has been reported that five executives at the platform have recently departed.
This includes Carylyne Chan, who until recently had acted at the interim CEO as well as Spencer Yang who was the vice president of operations, growth, and revenue, Jeremy Seow, the vice president of products, Jared Chin the project lead and head of events and finally Matthew Lippl, global head of design and growth.
Changes at CoinMarketCap
It is important to note that these departures are taking place just four months after the platform was acquired by Binance, one of the biggest exchanges in cryptocurrency.
Back in April 2020, Binance paid over $400 million in order to acquire CoinMarketCap and while these new changes are coming only a short time afterward, Chan has neither confirmed nor denied the role that the acquisition played in the decision to leave.
It has been speculated, however, that Binance deliberately removed the executives with plans to fill their positions with their own staff. Binance has not confirmed or denied this rumor but a representative for the company stated that CoinMarketCap operates as an independent entity of Binance.
Following the announcement of the departures, it was revealed that the company leadership is now in the hands of a new group that intends to work very closely with the community.
With her role at CoinMarketCap behind her, Chen has shed some light on her plans moving forward. She has stated that she is looking into opportunities both with the crypto sector that she so recently worked in, as well as outside cryptocurrency.
As for Yang, he has said that he is looking to start up his own enterprise. “I’m a founder at heart,” Yang said, “I’ve joined the recent batch of the On Deck Fellowship (beondeck.com) in an attempt to surround myself with others on the same path. It’s a great community of founders, builders, and dreamers from various backgrounds.”