Crypto exchange Coinbase has seen a dramatic change of fortunes with crypto’s downturn. Now Coinbase co-founder and CEO Brian Armstrong is trying to rein in costs while pushing ahead on launching products and expanding into new markets.

Emilie Choi, Coinbase’s president and chief operating officer, is overseeing much of the day-to-day work executing on these priorities. Former employees liken the relationship between Choi and Armstrong to the one that existed between ex–Meta Platforms COO Sheryl Sandberg and CEO Mark Zuckerberg.

Choi’s direct reports include executives who are leading efforts to grow in businesses other than crypto trading. They also include the legal and policy executives who are helping Coinbase navigate mounting regulatory scrutiny. Our expanded org chart highlights this power structure, mapping out 31 leaders overseeing the company’s next phase.