Brian Armstrong Net Worth
Brian Armstrong is head of the Coinbase Cryptocurrency Exchange, the biggest exchange in the United States.
Coinbase, based in San Francisco, is co-founded in 2012 by Armstrong.
In October 2018, Coinbase raised $300 million through an 8 billion dollar round of funding led by Tiger Global.
On forbes lists
37 years old
Cryptocurrency source, self-made
San Francisco California Home Residence
Master of Arts/Science, Rice University; Educational Bachelor of Arts and Economics.
Coinbase CEO is already tired of his riches Newly Minted Billionaire
Whether the future of money is a cryptocurrencies—or even a legal investment asset—is still under consideration. But at least one of the early Bitcoin winners has already cashed off ample funds to become a multimillionaire philianthropist in the ultra-rich league of Warren Buffett, Bill Gates and Elon Musk.
The Give Pledge, initiated by Buffett and Gates in 2010, was signed last week with Brian Armstrong, co-founder and CEO of the cryptocurrency trade app Coinbase, to give the majority of its net worth away to philanthood causes.
The first crypto businessman to sign the pledge, Armstrong, has recruited more than 180 billionaires, including Ray Dalio, Bill Ackman, Michael Bloomberg, among others.
Armstrong co-founded Coinbase with former Goldman Sachs banking banker Fred Ehrsam in 2012 (when Bitcoin was less than $10). According to Forbes, the firm was recently estimated at $8 billion, placing the net worth of Armstrong at $1.3 billion.
Forbes reported that Armstrong's Net worth was $900 million to $1 billion at the height of Bitcoin bubble at the beginning of January of this year. Since then the dollar value of Bitcoin has dropped by more than 80%. But Coinbase, Armstrong's personal capital, did not stop this crash from rising.
Coinbase added users faster during the month of a dramatic downturn in Bitcoin this year than before the cryptocurrency high in 2017. In the period February to October, Coinbase registered 25,000 users a day according to data analyzed by the Bitcoin evangelist Alistair Milne. These users pay a fee of 1.5 percent for each exchange transaction.
"It is not much of a gain to spend more on yourself once we have achieved a certain amount of income. One desire continues to step out," Armstrong said in a blog post from the website of Giving Pledge. "I've always respected founders and leaders whose goal of improving the planet overrides any personal richness goal.
In order to allow direct cash transfer to disadvantaged citizens, Armstrong began its own philanthropic initiative earlier this year called GiveCrypto.org. This web site could support donors without the benefactor creating a digital wallet to disclose their actual identities to make their donation in cash.
To date, GiveCrypto.org collected cryptocurrencies worth 4 million dollars from donors.
"I am excited about the potential to help people in this organization, but I'm still early on my journey to find how philanthropy can have the greatest impact," he said.
Andreessen Horowitz’s Crypto Startup School brought together 45 participants from around the U.S. and overseas in a seven-week course to learn how to build crypto companies. Andreessen Horowitz is partnering with TechCrunch to release the online version of the course over the next few weeks.