Coinbase CEO Becomes A Billionaire

Karan Balwani

November 15, 2018 1:30 pm

Crypto Exchange

Coinbase CEO Becomes A Billionaire
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Even though the cryptocurrency markets have seen a downtrend throughout 2018, the adoption rate is consistently growing. Over $600 billion worth of cryptocurrencies have been wiped from the market amidst the cryptocurrency price crash.

Things might appear to be grim, however, the person behind the biggest facilitator of United States’ cryptocurrency trading has become a billionaire.

At the end of October, Brian Armstrong, CEO, Coinbase discovered that the company that he co-founded has reached $8 billion from its initial fundraising of $300 million. Based on these facts, it is speculated that Armstrong’s stake in the cryptocurrency exchange is worth $1.3 billion. Back in January, Forbes estimated that Brian’s net worth within the $900 million and $1 billion range.

It is highly likely that Brian’s net worth has taken a hit due to the severe dip in Bitcoin, Ethereum and other altcoin’s value in the past months. 

Coinbase was co-founded by Armstrong back in 2012. The company even paid several employees in Bitcoin. The exchange now boasts 20 million users and is managing to generate incredible profits. It is expected that the exchange will generate a revenue of $1.3 billion in revenue this year.

The impressive figures have been an added blessing for the cryptocurrency exchange as it recently gained investment from Tiger Global Management, Wellington Management, and Andreessen Horowitz. In the firm last investment round back in August last year, the firm was evaluated at $1.6 billion.

This news was originally published on Forbes.

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