Brian Armstrong Net worth: Brian Armstrong is an American technology executive with a net worth of $ 14 billion. Brian Armstrong earned his fortune as co-founder of Coinbase. Coinbase is the largest cryptocurrency trading platform in the United States.
Early life and education: Brian Armstrong was born on January 24, 1983 in San Jose, California. Both his parents are engineers. Brian attended Rice University in Texas where he earned a bachelor’s degree in computer science and economics. He then received a master’s degree in computer science, graduating in 2006.
The business: His first job after school was working as a developer at IBM. He also spent some time working as a consultant in Deloitte.
In 2011 he joined Airbnb. During his one year at Airbnb, he worked on the company’s global payment processing systems.
Coinbase: At some point, Brian came across the original bitcoin whitepaper written by bitcoin creator Satoshi Nakamoto. He immediately started mining his personal coins. He soon made a big revelation that the world needed an easy way to buy and sell digital currency. At the time, he described buying and selling bitcoins as “useless” for the average person.
In 2012 Brian used $ 150,000 in startup capital from Y Combinator, a company he named Coinbase. He technically co-founded Coinbase with Fred Ehrasam, who served as company president, with Armstrong as CEO. The two originally met in the Bitcoin subredit.
In 2013 Coinbase raised $ 25 million in a Series B funding round that included Union Square Ventures, Andreessen Horowitz and Queensbridge Venture Partners (co-founded by rapper N.A.S.). The Series B round saw Sikkabase worth $ 143 million. At that time the price of a single bitcoin was $ 130.
Fast forward to 2018 and the company was valued at $ 8.1 billion.
Just before it went public in April 2021, Coinbase had a private valuation of $ 65 billion. At that time, a single bitcoin sold for $ 63,000.
Stock holdings and salary: Armstrong owns 20% of the coinbase. According to the company’s IPO filing, Armstrong earned $ 59.5 million in total compensation in 2020. His base salary is $ 1 million.
Philanthropist: In 2018 Brian signed The Giving Pledge, indicating his intention to donate the majority of his fortune in his lifetime or at the time of his death. He later founded GiveCrypto.org, which aims to make it easier for people to donate cryptocurrencies.