Coinbase CEO plans to sell 20% of his company stakes

Key Takeaways

  • Brian notes he wants to use the funds to help accelerate science and tech to “help solve some of the biggest challenges in the world.”
  • Brian also plans to remain CEO “for a very long time.”

Brian Armstrong, the Chief Executive Officer of Coinbase Global, has announced his plans to sell about 2% of his holdings in the company over the next year to fund scientific research.

He took to Twitter to make the announcement adding that his decision was triggered by his desire to help accelerate science and tech to “help solve some of the biggest challenges in the world.

As per the company’s official details, Brian Armstrong owns 16% of Coinbase and controls 59.5% of its voting shares. He added that he would be utilizing the funds to aid companies like NewLimit and ResearchHub.

While NewLimit claims to work on “radical extension of human healthspan using epigenetic reprogramming,” Research Hub is more focused on working towards “accelerating the pace of science by rewarding the open sharing and discussion of academic research.NewLimit is also “treating age-related disease to extend human healthspan” and “developing epigenetic reprogramming medicines to treat diseases with large unmet needs.

Brian has, however, reinstated that he plans to remain the chief executive “for a very long time.” “For the avoidance of doubt, I intend to be CEO of Coinbase for a very long time, and I remain super bullish on crypto and Coinbase. I’m fully dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way”, his tweet reads.

This statement comes amid an increasing trend of crypto firm CEO resigning, raising serious concerns over investors’ deposits in crypto exchanges. Earlier this month, Alex Mashinsky, the chief executive officer (CEO) of the bankrupt crypto lender Celsius resigned.

In August, ZebPay CEO Avinash Shekhar quit the oldest crypto exchange to start his startup in the Web 3.0 space. In February 2022, Indian crypto exchange WazirX co-founders Nischal Shetty and Siddharth Menon quit their day-to-day roles in the organization. Many experts also believe that market volatility could not only remove the unfit companies from the business but also the people working with the firm.

Saniya Raahath
Saniya Raahath

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