The cryptocurrency industry, as it would appear, still proves to be a lucrative venture for a number of entrepreneurs and investors, despite the prevailing bear market experienced almost all year long, consequently resulting in the total market capitalization’s unprecedented price plunge to just roughly $200 billion.
Nevertheless, founders and operators of a number of crypto startups, mostly dominated by exchanges, have so far remained resilient amid the crypto market’s almost year-long abysmal performance. One of which includes 35-year old Brian Armstrong, CEO, and co-founder of the largest cryptocurrency exchange in the U.S., Coinbase.
Following a recently completed $300 million funding round led by Tiger Global Management, Coinbase’s value has escalated to an all-time high of $8 billion. As a result, Armstrong’s net worth has massively spiked from roughly $900 million and $1 billion earlier this year, to now over $1.3 billion.
Born 1983 in San Jose, California, Armstrong has lived a well-heeled, albeit confined life. Raised by both successful engineers, his parents have fostered his intellect, providing him a comfortable environment conducive to learning.
While he views the Internet as a tool that possesses massive potential in revolutionizing society, he had always felt that it may be too late for him to play a key role in the Internet revolution.
When Armstrong stumbled upon Satoshi Nakamoto’s Bitcoin whitepaper, the concept immediately sparked his fascination, as he became increasingly drawn to the idea of a decentralized virtual currency completely independent from governments and central banks.
He believes that the nascent technology could pave the way for a utopian financial system free from politics that have long plagued the traditional currency and economic system, undermining its reliability.
Thereafter, Armstrong left his previous post at Airbnb and founded Coinbase as a platform that would enable users to purchase digital assets either via bank transfers or cards.
