Sunday, December 4, 2022

Charlie Lee Leaves Coinbase to Focus on Litecoin Development

Charlie Lee Leaves Coinbase to Focus on Litecoin Development

Charlie Lee — Litecoin founder and director of engineering at Coinbase — has announced that he will quit his job at the bitcoin exchange to focus exclusively on his altcoin project.

Also read: Ethereum Users Again Question Long Transaction Delays 

Litecoin Revival

This news comes in the midst of a renewed excitement over Litecoin, the very first “altcoin” to hit the scene following Bitcoin’s creation.

Litecoin earned this new wave of fanfare in April when it succesfully activated SegWit — a protocol upgrade originally intended for Bitcoin. While its main feature is a fix to transaction malleability — a bug that allows people to change transaction IDs after a payment is sent — it also includes scalability measures that have been the focus of great controversy in the Bitcoin community.

In an early 2017 blog post, Lee expressed his support for SegWit on Litecoin as a way to set an example for Bitcoin:

“But with SegWit and Bitcoin’s current block scaling deadlock, I see a potential for Litecoin to help Bitcoin break through this deadlock. Litecoin can take a lead and be a positive force in the cryptocurrency space.”

A Future Without Coinbase

Charlie Lee LitecoinAnd with that motivation in mind, Charlie Lee has walked away from his position at one of the world’s most popular bitcoin exchanges.

Lee joined Coinbase as its director of engineering in the summer of 2013. In the time since, the exchange has grown to heights previously unimaginable for a Bitcoin company. Aside from becoming one of the biggest exchanges, Coinbase has become the first to receive regulatory clearance in the majority of the United States.

Additionally, Coinbase has become one of the most highly-funded companies in the cryptocurrency space — raising over US $100 million. At the beginning of June, Wall Street Journal reported that the exchange had started planning a new funding round at a valuation of more than $1 billion.

In early May, a month before Lee announced his departure, Coinbase added support for Litecoin on its cryptocurrency exchange. Before this addition, the exchange only supported Bitcoin and Ethereum.

Do you think Charlie Lee made the right choice? Share your thoughts down below. 

Images via TechSpot, Charlie Lee

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