According to a breaking report by Bloomberg earlier this week, Lempres is joining a16z, which was notably an early backer of Coinbase, for an undetermined role.
“As chief legal and risk officer during a time of tremendous growth for Coinbase, Mike was instrumental in building the company’s legal and compliance functions and driving our vision of trust through compliance,” Coinbase told Bloomberg in an email. “We wish him the best in his new position with Andreessen Horowitz.”
This news comes at the height of ongoing regulatory tensions as the SEC just announced that it has settled charges against two companies that staged initial coin offering: Airfox and Paragon.
While the loss of Lempres will undoubtedly set back Coinbase’s legal team, the hire is a major addition for a16z, which recently launched a $300 million venture fund dedicated to investing in cryptocurrency and digital tokens, including ICOs.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.