Coinbase, the bitcoin exchange that had a wild week, just replaced its president

Tech veteran Asiff Hirji is joining the bitcoin exchange Coinbase as president and chief operating officer, the company announced Friday.

Hirji, a tech industry veteran, replaces Coinbase co-founder Fred Ehrsam, who served as president of the company until January. The leadership change comes as Coinbase, which has been valued by private investors at $1.6 billion, experiences growing pains.

With bitcoin’s popularity and price surging, Coinbase’s cryptocurrency exchanged has struggled to cope with a flood of novice traders.

The exchange has had several large-scale outages in the last few months, including this week, after bitcoin prices surged above $11,000 and then crashed back down around $9,000. On Wednesday, many Coinbase users found themselves locked out of their accounts and unable to trade.

The company has also faced challenges from the Internal Revenue Service (IRS), which on Wednesday won a year-long battle over its request for transaction information on more than 14,000 high-rolling Coinbase traders…

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