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Dan Romero departs Coinbase, continuing the exodus of institutional talent

April 12, 2019, 6:57AM EDT

Coinbase's institutional head Dan Romero has announced he is leaving Coinbase this month after five years at the firm, posting the news Friday.

The firm has made no secret about its shifting away from serving Wall Street firms, reinforced by the departures of Christine Sandler and Adam White - the institutional team's beating hearts. Romero began leading the institutional business at Coinbase after the firm decided not to bring on former Instinet chief executive Jonathan Kellner. At the time of his appointment, Romero told The Block that Coinbase had a long-term interest in working with some Wall Street firms and crypto-native investors and would keep growing its institutional business. His own exit today raises questions about the future of Coinbase's institutional business

During Romero's time at Coinbase, the firm grew from just 20 people to 700. He added he would take some time to decide his next step.