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Shopify CEO Joins Coinbase Board of Directors
Tobias Lütke scaled Shopify from a niche online marketplace to a global e-commerce giant.
Updated May 11, 2023, 4:01 p.m. Published Jan 31, 2022, 2:00 p.m.
Tobias Lütke, CEO and founder of the e-commerce site Shopify, will join Coinbase’s board of directors subject to formal board approval later this week.
- Lütke will help Coinbase with its expansion plans as the crypto exchange targets newer products that appeal to crypto traders and investors internationally, Coinbase said in a note.
- “We hope to unlock crypto’s potential to increase economic freedom in the same way Shopify democratized online commerce,” Coinbase CEO Brian Armstrong said in a press statement.
- Lütke was an early adopter of crypto through Shopify’s integration with Coinbase Commerce. It serves millions of merchants in more than 175 countries.
- “The concepts of decentralized finance and entrepreneurship exemplify the promise of Web 3 where opportunity exists for the many, not the few,” said Lütke in a statement. “Coinbase and Shopify share this like-minded vision, and I am excited to join the Board to support the future that Brian and the Coinbase team are building.”
- Lütke joins a board that includes Armstrong, Coinbase cofounder Fred Ehrsam, a16z founder Marc Andreessen and Kelly Kramer, the former CSO of Cisco.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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