Coinbase Global Inc. has expanded its board of directors by adding Anthony Armstrong, an Elon Musk ally and former Morgan Stanley banker. According to reports from The Block, Armstrong most recently served as chief financial officer of Musk's companies, including xAI and X, and will join the board of the largest US crypto exchange. The appointment brings Coinbase's board size from nine to 10 directors, with Armstrong also joining the company's audit committee. As per The Block, Coinbase evaluated Armstrong's "outstanding record in high-efficiency execution and ability to build scalable operational systems."
Armstrong, 58 years old, spent approximately a decade at Morgan Stanley before aligning himself with Musk. As reported by The Block, in 2022, the bank advised Musk's acquisition of the social network that was then called Twitter and led the financing. He later followed Musk to the Department of Government Efficiency (DOGE) and was hired in the CFO role for Musk's companies. Armstrong stayed at the AI venture for less than a year, leaving after its merger with SpaceX. According to The Block, SEC filings confirm that Anthony Armstrong is not related to Coinbase CEO Brian Armstrong.
Since leaving xAI, Armstrong has been involved in ventures tied to other DOGE alumni, including investing in Special, a business launched by two former DOGE staffers to buy companies and cut waste by implementing AI. According to The Block, Coinbase noted that Armstrong has had a consistent focus on building things that work at scale, without waste. The company also clarified that Anthony Armstrong is not related to Coinbase Chief Executive Officer Brian Armstrong.
The appointment comes as the cryptocurrency industry faces significant shifts in competition dynamics. As reported by The Block, competition in the cryptocurrency industry is "starting to shift from trading volume to control of the technologies behind 24/7 markets." Now it is much more important to be able to provide the liquidity, settlement, custody, and other essential services for the evolving digital asset ecosystem. The timing reflects Coinbase's strategic positioning as the exchange expands its financial services while facing a decline of more than 40% on the stock market, according to The Block.
