After Coinbase IPO and valued at $ 86 billion, the exchange’s CEO immediately joined the group of richest people on the planet with a net worth of $ 12.4 billion.
On April 14, the largest crypto exchange in the US officially went public on the Nasdaq with a value of up to $ 86 billion. This helped the fortune of co-founder and CEO Brian Armstrong rise to 12.4 billion USD, becoming the 175th person on Bloomberg’s list of world billionaires.
Coin (Coinbase) Price Chart Source: nasdaq.com
After earning a master’s degree in computer science from Rice University, CEO Armstrong founded UniversityTutor, a website that offers online tutoring services and has been running for almost a decade but with little success. He then moved on to work as a software engineer at Airbnb for about a year.
By 2012, founders Brian Armstrong and Fred Ehrsam officially partnered to create Coinbase, a cryptocurrency exchange that allows users to buy and sell more than 40 different digital assets, including cryptocurrencies. like Bitcoin, Ethereum and Litecoin.
It is known that the 38-year-old billionaire currently owns about 40 million Coinbase shares. “I think some digital currencies will eventually be the world’s reserve currencies. I see their future,” said CEO Armstrong.
This IPO of Coinbase is considered a turning point in the market because this is the first time that a company associated with a cryptocurrency has conducted a public listing.
In the last two years, the value of Bitcoin has increased dramatically, making the names of CEO Brian Armstrong and Coinbase become famous in the tech world with about 56 million users worldwide, managing more than $ 320 billion in total volume.
The bullish momentum of digital currencies such as Bitcoin, Ethereum currently reaching the milestone of $ 63,000 and $ 2,500 respectively are considered leverage to help Coinbase achieve impressive revenue and profit.
In 2020, this crypto exchange has generated $ 1.3 billion in revenue. In its preliminary report for the first quarter of this year, Coinbase showed that revenue for the same period increased 9-fold to $ 1.8 billion and net income increased from $ 730 million to $ 800 million.
After the IPO, Coinbase is receiving a lot of expectations from experts as well as those who believe in cryptocurrencies for a solid future in the market.