Onramp CEO: Coinbase Accusation Exposes Bitcoin Corporate Governance Gaps
Michael Tanguma, CEO of Onramp, believes that corporate adoption of Bitcoin will stall as long as companies cannot clearly identify who controls funds, who approves fund movements, or whether funds are still present. This follows BlockTower Capital founder Ari Paul's public accusation that Coinbase lost approximately $25 million of his company's assets and concealed a hack exceeding $1 billion involving over a dozen institutions, which Coinbase has denied. Tanguma noted that this controversy highlights control issues for Bitcoin on corporate balance sheets, specifically the lack of governance mechanisms found in traditional bank and brokerage accounts, such as named users, clear approval rules, and auditable tracking records. He emphasized that until custody arrangements can answer these critical questions, similar incidents will be difficult to verify, hindering large-scale corporate adoption of Bitcoin.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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