Institutional blockchain platform OTCXN has added Mike Lempres, former chief legal and risk officer of Coinbase, as its a member of its board of advisors.
He is currently the executive in residence at venture capital firm Andreessen Horowitz and also holding several other positions, including a seat on the board of directors at Silvergate Bank and also at Coinbase Custody.
However, his most highlighted experience in the crypto industry was the position of chief legal and risk officer at Coinbase for over two years.
Notably, Lempres is also a three-time presidential appointee and White House Fellow and has close ties with two US Attorneys General. He also held several positions at the US department of justice, including deputy associate attorney general.
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In addition to that, he was also an elected mayor and city council member at Atherton, a residential community in Silicon Valley.
Commenting on his new appointment, Rosario Ingargiola, chief executive of OTCXN, said: “We are honored to have Mr. Lempres on OTCXN’s Board of Advisors. Mike has a great understanding of the needs of fiduciary institutions in order to trade digital assets and he brings a unique perspective to how we think about scaling our business.”
A legal veteran
This appointment will be very crucial for the blockchain company as Lampres is bringing over 30 years of legal experience to the advisory table.
Founded in 2016, OTCXN is trying to eliminate the need for intermediaries in the digital asset and forex market by leveraging the decade-old blockchain technology. The company is primarily targeting institutions and is also claiming to reduce the risk, friction, and cost of trading.
In September, the company expanded its custodial network with the addition of Aegis Custody, a San Francisco-based crypto custodian for digital assets, Finance Magnates reported.