Coinbase Hires Ex-Goldman Sachs Partner Liz Martin to Lead Market and Derivatives Expansion in 2025

• Who Is Liz Martin and Why Is Her Hiring Significant?
• What’s Coinbase’s "Everything Exchange" Strategy?
• Why Is Coinbase Moving Its Legal Base to Texas?
• How Did Coinbase Perform Financially in Q3 2025?
• What’s Next for Coinbase?
• FAQs

Coinbase has made a strategic MOVE by appointing Liz Martin, a former Goldman Sachs partner, as its new Vice President of Product Development, focusing on markets and derivatives. This hiring aligns with Coinbase’s long-term vision to become a one-stop "Everything Exchange," offering trading, lending, staking, and more under one roof. Martin’s expertise in global markets and derivatives is expected to accelerate Coinbase’s institutional adoption and expand its derivatives offerings. The company also plans to relocate its legal headquarters from Delaware to Texas, citing regulatory concerns. With strong Q3 earnings and partnerships like JPMorgan’s JPM Coin integration, Coinbase is positioning itself as a leader in the evolving crypto-financial landscape.

Who Is Liz Martin and Why Is Her Hiring Significant?

Liz Martin isn’t just another executive—she’s a heavyweight with a 25-year tenure at Goldman Sachs, where she led initiatives in trading, technology, and consumer finance. At Coinbase, she’ll helm the exchange’s markets division, drive derivatives growth, and manage global teams. Her hiring signals Coinbase’s ambition to compete with traditional finance giants. As she put it: "Derivatives are central to mature markets, and Coinbase has a massive opportunity to lead this space as crypto goes institutional."

What’s Coinbase’s "Everything Exchange" Strategy?

Coinbase isn’t content with being just a crypto exchange. Their "Everything Exchange" vision aims to integrate services like prediction markets, tokenized stocks, and early-stage token sales—essentially, a financial super app. Think of it as combining Robinhood, a derivatives platform, and a neobank. CEO Brian Armstrong criticized traditional banking as "outdated and inefficient," emphasizing Coinbase’s goal to become users’ primary financial account. The recent launch of Coinbase Business in Singapore and partnerships with Standard Chartered further underscore this expansion.

Why Is Coinbase Moving Its Legal Base to Texas?

Delaware’s loss is Texas’s gain. Coinbase’s Chief Legal Officer, Paul Grewal, announced the relocation, citing Delaware’s "eroding legal certainty" after recent court rulings invalidated executive pay packages. Elon Musk’s 2024 call for companies to flee Delaware likely influenced this. Texas offers lower franchise taxes and a more business-friendly climate—a pragmatic move for Coinbase’s next growth phase.

How Did Coinbase Perform Financially in Q3 2025?

Coinbase reported a net profit of $432.6 million on $1.87 billion revenue in Q3, with EPS at $1.50. Trading volume surged as the platform added assets covering 90% of the crypto market. However, shares dipped 13% last month to $308, possibly reflecting broader market volatility. Analyst Mark Palmer (Benchmark) maintains a $421 price target, praising Coinbase’s "all-in-one exchange" strategy.

What’s Next for Coinbase?

Expect aggressive derivatives rollouts, more institutional products (like JPM Coin on Base LAYER 2), and global market expansions. Martin’s hire and the Texas move suggest Coinbase is preparing for heavier regulatory scrutiny while scaling. As Armstrong quipped, "Crypto has the right to be the future of finance—we’re just building the rails."

FAQs

What role will Liz Martin play at Coinbase?

Martin will lead Coinbase’s markets team, expand derivatives offerings, and manage global trading operations, leveraging her Goldman Sachs experience.

Why is Coinbase leaving Delaware?

Delaware’s recent court decisions and high taxes prompted the move. Texas offers better legal predictability and lower costs.

How does JPMorgan’s JPM Coin fit into Coinbase’s plans?

JPM Coin’s integration on Base Layer 2 marks a bridge between traditional finance and crypto, starting with institutional clients.