CEO of the US-based crypto exchange, Brian Armstrong, has said that he plans to sell 2% of his stake in the company over the next couple of months. He added that he intended to use the capital to fund scientific research.
Brian Armstrong, CEO of cryptocurrency giant Coinbase (COIN) announced on Twitter that he will be selling off 2% of his holdings in the company to fund scientific research. Armstrong that he is “passionate about accelerating science and tech to help solve some of the biggest challenges in the world.” The CEO said that along with technology-related research, he would be investing in health firms such as NewLimit 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
— Brian Armstrong (@brian_armstrong) October 15, 2022
NewLimit is working towards a “radical extension of human healthspan using epigenetic reprogramming,” while ResearchHub is focused on “accelerating the pace of science by rewarding the open sharing and discussion of academic research.”
Per the company’s 2022 proxy statement, Armstrong holds 59.5% of the voting shares of Coinbase and 16% of the entire firm. Armstrong reiterated that he intends to remain the CEO of Coinbase for a very long time and is optimistic about the cryptocurrency market. He added that he is “fully dedicated to growing the business and advancing the mission” while expressing excitement to contribute differently.”
COIN shares did not react in any spectacular fashion following Armstrong’s announcement and dropped by 8% on Friday. The company’s shares did however pump earlier in the week when Google announced that it had entered into a partnership with Coinbase to allow customers to pay cloud services using cryptocurrencies such as Bitcoin and Ether. Coinbase also received regulatory approval to offer payment services in Singapore this week from the Monetary Authority of Singapore.
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