Coinbase CEO to sell 2% of his stake in the company

Brian Armstrong will use the proceeds to finance scientific research aimed at solving global problems

16.10.2022 - 07:30

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2 min

What’s new? Brian Armstrong, the CEO of the Coinbase crypto exchange, has announced plans to sell his 2% stake in Coinbase within the next year. He noted that he intends to fund other firms that he co-founded. For example, he will use the profits from the sale to fund NewLimit and ResearchHub, as well as scientific research. Armstrong explained that in this way he wants to speed up the development of science and technology to solve global problems. In this, the head of the exchange assured that he remains optimistic about the future of cryptocurrencies and Coinbase itself.

I'm passionate about accelerating science and tech to help solve some of the biggest challenges in the world. To further this, I'm planning to sell about 2% of my Coinbase holdings over the next year to fund scientific research and companies like @newlimit + @researchhub— Brian Armstrong (@brian_armstrong) October 15, 2022

What is the company’s stock situation? As of October 15, Coinbase’s (COIN) shares are trading at $63,59 per paper, down by 8,19% overnight, according to Investing.com. Goldman Sachs and JPMorgan previously downgraded Coinbase shares due to the negative outlook resulting from falling cryptocurrency prices and low COIN trading volumes.

In October, Google announced the possibility of paying for cloud services with cryptocurrency. This payment method will appear in early 2023 and will be available to a limited number of customers at the first stage of the launch. The initiative is implemented in cooperation with Coinbase, which, in turn, will use Google’s cloud infrastructure in its work.

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