Thursday, December 8, 2022

CEO Brian Armstrong Plans to Sell 2% of His Coinbase Crypto Holdings

Coinbase CEO Brian Armstrong declared his desire to sell 2% of his Coinbase crypto holdings to fund scientific research.

For now, he has his attention on NewLimit, a biotechnology company co-founded by Armstrong himself and biomedical researcher Blake Byers. The firm is focused on the radical extension of the human health span using epigenetic reprogramming. 

Additionally, Armstrong is interested in another co-founded research firm of his called ResearchHub. Co-founded with Patrick Joyce a scientist, the Coinbase CEO self-funds this scientific research site.

Brian Armstrong went on to talk about his passion for science and technology development, especially as a tool for problem-solving. He cited this dedication as the reason behind his decision to sell his shares.

Noteworthy, Armstrong owns 16% of Coinbase and controls 59.5% of its voting shares, according to the company’s 2022 proxy statement. Furthermore, Armstrong clarified his bullish stance on cryptocurrencies and emphasized his commitment to advancing the Coinbase mission.

“For the avoidance of doubt, I intend to be CEO of Coinbase for a very long time and I remain super bullish on crypto and Coinbase. I’m fully dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way,” Armstrong tweeted

Coinbase Hobbles Through Crypto Winter

In the face of the ongoing crypto winter, Coinbase has attempted to thrive but not without a few shortcomings. Apart from losing its spot to Binance as the firm with the largest Bitcoin (BTC) holding, Coinbase was burdened with lawsuits. Two of its former top executives Ishan Wahi and Sameer Ramani were arrested in connection to insider trading.

The allegation stated that they took advantage of confidential information from Coinbase to make personal gains of up to $1.5 million. Nikhil Wah, brother to Ishan Wahi later pleaded guilty during his virtual court appearance.

A lawsuit was filed against Coinbase for exposing its users to potential financial losses by failing to secure customers’ accounts.

According to the lawsuit in the United States District Court for the Northern District of Georgia, customers were vulnerable to breaches and cyber threats. In addition, some users were locked out of their accounts temporarily while others were completely shut out. An unregistered broker-dealer identified as George Kattula led the class action lawsuit.

 

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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