The Coinbase allegations expose Bitcoin's corporate governance gap
Corporate adoption of bitcoin will stall as long as companies can't show who controls the money, who approves its movement, or whether it's still there, argues Onramp CEO Michael Tanguma.
AI Summary
Coinbase faces allegations from BlockTower Capital's Ari Paul, who claims the exchange lost $25 million of his firm's assets and concealed hacks totaling over $1 billion. Onramp CEO Michael Tanguma argues that corporate adoption of Bitcoin is hindered by a lack of transparency and governance regarding asset control. The absence of robust audit trails and defined roles poses risks for companies holding Bitcoin, as they cannot demonstrate who manages or approves transactions without relying solely on the credibility of custodians.