Coinbase Global Inc. is adding Anthony Armstrong, an Elon Musk ally and former Morgan Stanley banker, to its board of directors.
Armstrong most recently served as chief financial officer of Musk's companies, including xAI and X, Coinbase said on Wednesday.
He is joining the board of the largest US crypto exchange as the industry struggles to recover from a deep slump that began last year.
Before aligning himself with Musk, Armstrong spent about a decade at Morgan Stanley. In 2022, the bank advised Musk's acquisition of the social network that was then called Twitter and led the financing. A few years later, Armstrong followed Musk to the Department of Government Efficiency, or DOGE, and was later hired in the CFO role for Musk's companies.
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Armstrong, 58, stayed at the AI venture for less than a year, leaving after its merger with SpaceX. During his time at xAI, he worked closely with Valor Equity's Jon Shulkin to shore up the firm's finances, Bloomberg previously reported.
Since then, Armstrong has been involved in some ventures tied to other DOGE alum, including investing in Special, a business launched by two former DOGE staffers to buy companies and cut waste by implementing AI.
"Anthony has had a consistent focus on building things that work at scale, without waste," Coinbase said in a prepared blog post. (The company noted that Anthony Armstrong is not related to Coinbase Chief Executive Officer Brian Armstrong.)
Coinbase recently reported a third consecutive decline in quarterly revenue, and it has cut some costs including reducing its workforce earlier this year.
With Armstrong's appointment, Coinbase's board is expanding from nine to 10 directors. He will also join the company's audit committee.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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