- Coinbase CEO will fund scientific research by selling 2% of his stake in the company.
- Human health and academic research firms would benefit from the generosity.
- Brian Armstrong holds 59.5% of the voting shares and owns 16% of Coinbase.
Brian Armstrong, the CEO of Coinbase, one of the leading crypto exchanges, announced on Twitter that he would be giving up 2% of his holding in the company to fund scientific research.
Armstrong made this commitment because he is “passionate about accelerating science and tech to help solve some of the biggest challenges in the world.” Notably, the CEO would not be supporting tech-related research alone. He noted that human health firms like NewLimit and academic research firms like ResearchHub would benefit from the generosity.
According to the company’s 2022 proxy statement, the Coinbase CEO holds 59.5% of the voting shares and owns 16% of Coinbase.
Additionally, Armstrong clarified that he intends to remain the CEO of Coinbase for a very long time, and therefore, he is optimistic about the crypto industry and the Coinbase exchange. He added that he is “fully dedicated to growing the business and advancing the mission” while expressing excitement to contribute differently.
In a series of Twitter posts last month, Armstrong vows to ensure the crypto industry survives in the United States. He said so while registering his displeasure on how regulatory bodies force Web3 start-ups to abandon the United States and settle elsewhere.
He argued that “one of the strongest policy arguments for cryptocurrency is that it’s a national security issue. The US missed semiconductors and 5g, which is now largely manufactured offshore.”
Being the founder of the largest US-based crypto exchange, Armstrong noted that he could not afford to have cryptocurrency go offshore either. He pledged to fight to ensure crypto succeeds in the US for everyone because crypto is too important to America and the free world.
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