Former UK finance minister joins Coinbase crypto exchange

Coinbase announced that George Osborne, who served as Britain’s chancellor of the exchequer from 2010 to 2016, will join the firm on its global advisory council

A former British finance minister on Wednesday joined crypto currency exchange Coinbase as a global advisor, increasing the firm’s regulatory bargaining power at a time when it faces severe scrutiny in the U.S.

Coinbase announced that George Osborne, who served as Britain’s chancellor of the exchequer from 2010 to 2016, will join the firm on its global advisory council.

It said: He will join the likes of Mark Esper, the former U.S. Secretary of Defense and Patrick Toomey on the council, which is in place to “advise Coinbase on our global strategy as we grow our reach around the world.”

Faryar Shirzad, Coinbase’s chief policy officer (CPO), said the company was “pleased to have George join our council at an exciting time for us in the U.K. and globally.”

George brings with him a wealth of experience in business, journalism and government. We look forward to relying on his insights and experiences as we grow Coinbase around the world, he said.

Osborne will serve in an advisory capacity at Coinbase, helping connect the firm with politicians and regulators to help further the cause of forming crypto-friendly regulations.

While chancellor of the exchequer, Osborne launched several austerity policies aimed at reducing the budget deficit, including freezing child benefits, reducing housing benefits, and implementing a two-year pay freeze for public sector workers. He also tried to stimulate business activity by cutting corporation tax.

There is a huge amount of exciting innovation in finance right now, Osborne said. Blockchains are transforming financial markets and online transactions.

Coinbase is at the frontier of these developments. I look forward to working with the team there as they build a new future in financial services, he added.