From a business perspective, both McGeehan and Edebohls are strong additions to the Coinbase team. Both have worked in once-small companies that rose rapidly to dominate their markets. With massive growth in the bitcoin ecosystem expected in coming years, both the security and sales teams will need to scale quickly.
The importance of strong security and sales teams for a company working in bitcoin can’t be overstated. With the public and investors still wary after the collapse of Mt.Gox, any company hoping to establish itself will need to have demonstrably outstanding security in addition to making a compelling case for bitcoin adoption.
The addition of two names from such established companies may also help establish Coinbase’s credibility among investors. With over $25 million in Series B startup capital in hand, Coinbase is in a better position than many bitcoin companies to stake a claim. But with BitPay and others closing the gap, and the race to establish a merchant network heating up, the next round of investment may prove even more important. Having a team stacked with experienced professionals from the best-known internet brands in the world certainly won’t hurt investor confidence.