"We are trying to switch cryptocurrency from this speculative asset class to real use," said Coinbase CEO Brian Armstrong tells me. How? Through trade and micro payments. But now Coinbase has it who to build it. The startup announced today that it has removed the former product manager of Indian e-commerce giant Flipkart and Google Shopping vice president of Product Surojit Chatterjee as Coinbase's chief product officer.
"I've always enjoyed being associated with technologies that are marginal to our way of life," Chatterjee writes. "Google ads have helped to democratize commerce, flipkart and e-commerce have revolutionized life in India, and I think Coinbase will turn conventional finance upside down."
Chatterjee has been with Google for over 11 years over two stations, the first as a founding member of Google’s mobile search ad product, which has annual sales of tens of billions of euros. When he joins Coinbase next week, Armstrong says he will help Coinbase organize its complex range of products, including cryptocurrency exchange, wallet, stablecoin, and the crypto education platform Earn and Coinbase Commerce, which companies use to make payments in Bitcoin, Ethereum and more. Chatterjee replaces Jeremy Henrickson, Coinbase's former CPO, who left in December 2018.
"Surojite is a great asset here because we are a product-led company," said Armstrong. "We have different executives and they have increasing responsibilities in the P&L area. With a really experienced Chief Product Officer who can look after them and teach them how to have revenue and budgets – really following the example of Google – Coinbase is being professionalized , "
Armstrong hopes Chatterjee can help Coinbase develop products for emerging markets where the financial infrastructure is weak. “E-commerce is not evenly distributed around the world. Micro payments don't work so well … He spends his time in India, a developing market, and understands mobile money very well. “Given the explosion of phone payments, the demonettization and spread of cash on delivery methods in India like Flipkart "His background is a kind of ideal from this worldly perspective," explains Armstrong.
Chatterjee cites his upbringing as inspiration for "economic freedom for all," as Armstrong says, is Coinbase's mission. "When I grew up in a poor, middle-class household in India, I saw very closely what a lack of cash means for a family's lifestyle," Chatterjee recalls.
“As a child, I went to a local bank with my mother to withdraw money. And believe me when I tell you that the process was epic! “This included payment slips, tokens and the fearful attempt to compare current signatures with decades-old versions. When India demonstrated and made sure everyone exchanged their money, “my father, who was almost 80 at the time, was in a queue for five hours to get Rs 2,000, which was the daily limit for the first week. That's less than $ 30! “Digital money can ensure that people always have access to everything they own.
In the developed world, Armstrong sees Chatterjee as an opportunity to enable digital content authors to transform their passion into their profession. "There are a lot of people waiting for Reddit or Stack Overflow to answer questions … When it comes to real money for these things, it could be their full-time jobs – content on user-generated social websites," Armstrong predicts. "I think you'll see a lot more posts too."
Perhaps now is the perfect time to engage Chatterjee as we are in a doldrums for cryptocurrency after the rush in late 2018. “Crypto is always a challenge when it comes to navigation. We usually do very well in these periods when things are relatively quiet, ”says Armstrong. According to the CEO, the company was able to increase its market share, volume and app installations by 50% to 100% compared to competitors. Armstrong points to the strategy of the old war and concludes thatThere are years when you just want to train the soldiers and supplies and basically just prepare. We build the company and don't just react to crazy hype. "