FORMER Chancellor George Osborne has joined Coinbase's global advisory council, the firm announced, as the multibillion-dollar cryptocurrency exchange eyes up international expansion.

Commenting on the appointment, Osborne said: "There's a huge amount of exciting innovation in finance right now. Blockchains are transforming financial markets and online transactions. Coinbase is at the frontier of these developments. I look forward to working with the team there as they build a new future in financial services."

It is unclear how much he will be paid in his new role.

The star-studded council, launched last May, also boasts former senator Patrick Toomey, former congresswoman Stephanie Murphy and BGR Group managing director David Urban.

News of Osborne's appointment comes after the Financial Conduct Authority laid out sweeping plans last year to regulate so-called stablecoins as the UK government aims for the country to become a "global hub" for crypto.

Coinbase's chief executive Brian Armstrong teased last April that the firm could relocate to the UK, criticising America's failure to introduce a favourable regulatory framework for crypto.

However, Armstrong said in an interview with CNBC the following month that Coinbase had no formal plans to relocate.

(c) 2024 City A.M., source Newspaper