Sydney Schaub left her job as chief authorized officer for Gemini Trust Co., a cryptocurrency alternate based by the Winklevoss brothers, to hitch on-line actual property firm Opendoor Technologies Inc. as high lawyer.
Schaub spent practically the previous 4 years on the firm began by bitcoin billionaires Cameron and Tyler Winklevoss. Gemini lately shed 10% of its employees amid a downturn within the digital asset market.
Opendoor, which went public in late 2020 by merging with a particular function acquisition firm, is seeking to reinvent the home-buying course of. The firm, whose enterprise is concentrated on so-called iBuying know-how, expanded earlier this yr into the suburbs surrounding New York City.
Schaub “has been instrumental in making companies that are disrupting old ways of doing business into household names,” Eric Wu, Opendoor’s co-founder and chief govt officer, stated in a press release.
Gemini, valued final yr at $7 billion, employed Schaub in 2018 after she spent greater than a yr as basic counsel for e-commerce vogue retail platform Rent the Runway Inc. She additionally spent practically six years at Square Inc., a Jack Dorsey-led monetary companies firm now often known as Block Inc.
Schaub additionally labored for nearly 5 years at Alphabet Inc.’s Google, which recruited her instantly out of Harvard Law School in 2007. She didn’t instantly reply to a request for remark.
At Opendoor, Schaub strikes into a task beforehand held by Elizabeth Stevens, a former head of authorized and brokerage on the San Francisco-based firm. Stevens left in September to turn into basic counsel for One, a monetary know-how app backed by Walmart Inc.
Opendoor gave Stevens practically $5.9 million in whole compensation throughout fiscal 2021, the corporate disclosed in a proxy assertion filed in April. However, Stevens forfeited 75% of the roughly $5.6 million in inventory awards when she left Opendoor.
The firm went public in December 2020 after combining with Social Capital Hedosophia Holdings Corp. II, a SPAC backed by enterprise capitalist Chamath Palihapitiya.
Latham & Watkins suggested Opendoor on that deal, whereas Skadden, Arps, Slate, Meagher & Flom took the lead for Palihapitiya’s SPAC.
The firm has constructed a $9 billion conflict chest because it seeks to shake up the US residential actual property market by shopping for and promoting houses, Bloomberg reported final yr.
Schaub is a founding member of TechGC, a personal, invitation-only community of legislation division leaders and in-house attorneys within the know-how sector that share greatest practices and assist each other in careers.