According to TechFlow news on July 11, Coinbase has completed its sixth acquisition this year, which is purely a talent acquisition (acqui-hire), specifically bringing on board two key members from the DeFi options protocol Opyn: CEO Andrew Leone and Head of Research Joe Clark.
These two professionals will join Coinbase's on-chain market team, focusing on the development of the Verified pool and other on-chain market products. A Coinbase spokesperson emphasized their strong experience in the DeFi space and vision for the future of on-chain markets.
The Opyn team developed the first DeFi options protocol and is the creator of Power Perpetuals and the team behind Squeeth. Notably, Opyn was sued by the CFTC in 2023 for allegedly operating an unregistered trading platform and reached a settlement.
This talent acquisition aligns with Coinbase's strategic direction to shift more trading operations onto the blockchain. So far this year, Coinbase has made multiple acquisitions, including Roam, Spindl, Iron Fish team, Deribit, and Liquifi.