Coinbase CEO Wants to Sell Part of Stake to Fund Science Research
Coinbase CEO Brian Armstrong has announced plans to sell 2% of his stake in the cryptocurrency platform over the next year to fund scientific research.
Armstrong said on Twitter late Friday that he wants to invest in tech and science in order to solve some of the biggest issues in the world, adding that he will sell 2% of of his entire stake in the company to fund companies like New Limit and ResearchHub.
“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,” the CEO said.
He noted that he plans to remain as the CEO of Coinbase "for a very long time," thus he is not giving up on the company. "I remain super bullish on crypto and Coinbase," Armstrong said, adding that he will be "fully dedicated" to growing the business.
NewLimit's Twitter profile says the company is working towards “radical extension of human healthspan using epigenetic reprogramming,” while ResearchHub claims it is focused on “accelerating the pace of science by rewarding the open sharing and discussion of academic research.”
According to Boomberg, Armstrong owns 16% of the US-based crypto exchange and controls 59.5% of its voting shares.
Coinbase was the first cryptocurrency exchange to go public. The exchange went public in mid-April last year on Nasdaq and was even valued at around $100 billion on its first day of trading. However, as the crypto market started to cool off, Coinbase's stock also took a hit.
The exchange's shares hit an all-time highs of $420 shorly after debut, but has dropped substantially since. Part of the reason for
Read more on cryptonews.com
