Profile and Biography of Brian Armstrong

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Bittime  - Coinbase is the largest crypto exchange platform in the United States founded and led by Brian Armstrong as CEO. So, what is the profile like? Read this article for a complete explanation.

Who is Brian Armstrong

Armstrong is recognized as a key figure in the crypto world due to his success in bringing the first crypto exchange in the US to the stock market.

His efforts in advocacy have helped the widespread adoption of crypto and the advancement of blockchain technology in financial services.

Founded in 2012, Coinbase has grown under Armstrong's leadership into a leading platform for trading and storing various cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).

The company has introduced additional services such as Coinbase Wallet and Coinbase Pro to meet the needs of various segments of crypto users.

Coinbase made history with its direct offering on the NASDAQ stock exchange in April 2021, marking a significant milestone for the crypto industry.

This article discusses Armstrong's entrepreneurial journey, from founding Coinbase to facing regulatory challenges with the SEC.

Also Read: Who is Satoshi Nakamoto?

Educational and Professional Background

Born on January 25, 1983 near San Jose, California, Armstrong studied computer science and economics, earning a master's degree in computer science from Rice University in 2006.

His early career includes co-founding UniversityTutor.com in 2003, a platform connecting students and instructors, which he led until it was acquired in 2014.

In addition to his role at Coinbase, Armstrong also co-founded GiveCrypto, a philanthropic initiative aimed at promoting financial inclusion through crypto.

He gained entrepreneurial experience through various roles at companies such as Airbnb, IBM, and Deloitte, before focusing full time on Coinbase in 2012.

Looking to the future, Armstrong continues his journey as an entrepreneur, co-founding NewLimit, a bioengineering startup focused on epigenetic cell reprogramming, which is planned to launch in 2023.

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How Did Brian Armstrong Founded Coinbase?

Armstrong submitted an application to Y Combinator's incubation program but was advised to find a co-founder within three days to proceed.

He posted a request on Hacker News looking for a co-founder, which received widespread attention on Reddit.

Armstrong met Ehrsam, a Goldman Sachs trader, through a subreddit where Armstrong often shares his views on crypto.

They share an optimistic view of Bitcoin and crypto, and managed to secure $150,000 in funding from Y Combinator's startup incubator program.

Initially, British programmer Ben Reeves, one of the founders of Blockchain.com, was interested in joining Coinbase's founding team.

However, disagreements about Coinbase Wallet's functionality led to a split between Reeves and Armstrong before Y Combinator's funding.

Coinbase launched from a two-bedroom apartment, offering services for buying and selling BTC via bank transfer in October 2012.

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Coinbase Funding and Valuation

Armstrong and Ehrsam began fundraising for Coinbase, successfully securing a $5 million Series A investment from Union Square Ventures in May 2013, led by Fred Wilson, known for his successful investments in companies such as Twitter and Tumblr.

In December 2013, Coinbase raised an additional $25 million from Andreessen Horowitz, Ribbit Capital, and other investors. Currently, Coinbase has 76 investors and has raised a total of $498.7 million in 18 rounds.

Under Armstrong's Leadership

Coinbase has been actively investing in other companies, with its most recent investment in crypto market index fund Alongside, which raised $11 million in February 2023.

Coinbase made a direct offering on the stock exchange on April 14, 2021, trading on NASDAQ under the code COIN.

The stock opened at $381 per share, valuing the company at $99.6 billion, briefly reaching a market capitalization of $100 billion, ten times higher than its last private valuation, rivaling the valuations of Facebook and Airbnb at the time of their IPOs.

Brian Armstrong owns a 19% stake in Coinbase, with Forbes estimating his wealth to be around $2.4 billion by May 2022, making him the billionaire CEO in the crypto space.

Coinbase's Growth Under the Leadership of Brian Armstrong

Starting as a simple platform for Bitcoin transactions, Coinbase has grown globally, operating in more than 100 countries.

Currently, Coinbase offers a variety of products aimed at retail traders, institutional investors, developers, and businesses in the crypto market.

Its product portfolio can be divided into three main business lines aimed at:

Retail traders

Through its app, Coinbase facilitates the purchase, storage, and trading of various cryptocurrencies. Additionally, Coinbase Wallet allows access to decentralized crypto applications (DApps). This easy-to-use offering has accelerated crypto adoption.

Additionally, Coinbase Pro, introduced in 2015, caters to professional crypto traders with advanced trading features and better control over transactions.

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Institutional investors

Coinbase Prime, a trading platform, offers multiple exchanges, financing options, and secure storage for digital assets through the Coinbase Storage service. It is aimed at institutional customers and corporate entities specifically.

Developer

Coinbase Cloud supports DApp developers by providing fiat-to-crypto and wallet software development kits, along with wallet infrastructure APIs.

This resource allows developers to create their DApps to accept payments in digital currency.

Brian Armstrong: Approach, Opinion, and Perspective

Although personal views may evolve, Brian Armstrong's interviews, public statements, or articles reveal the following:

Crypto and financial systems

"I want the world to have a global, open financial system that encourages innovation and freedom." - Brian Armstrong

Coinbase's journey has followed the overall crypto market turmoil under Armstrong's guidance.

He frequently shares his views on Coinbase and crypto via Medium blogs published on his profile and "The Coinbase Blog".

Brian Armstrong once said, "Coinbase's mission is to increase economic freedom in the world." He has pursued this goal by promoting crypto assets as an investment, establishing an alternative financial system parallel to traditional finance, and providing an application platform to meet this goal.

Employees and Work Culture

Olaf Carlson-Wee, a Vassar College alumnus, was Coinbase's first employee in 2013. From its beginnings as a two-person company in a shared apartment, Coinbase grew rapidly under Brian Armstrong's leadership, hiring more than 1,000 individuals in its first two years.

However, during the Bitcoin price crisis in 2017, when the market lost significant value, many employees left Coinbase amid the perception that the crypto industry was in decline.

Originally headquartered in San Francisco, California, Coinbase shifted to a fully remote organization during the Covid-19 pandemic, with Brian Armstrong announcing the abandonment of formal headquarters.

According to a report by The New York Times in December 2018, Coinbase faced criticism due to disparities in pay between Black and female employees compared to their white and male counterparts in similar roles.

However, in May 2021, Coinbase's chief human resources officer announced plans to remove salary and equity negotiations from the hiring process, affirming the company's commitment to building an open and inclusive work environment in keeping with the company's mission to enable economic freedom through crypto.

Advertising

Coinbase has been a leader in the industry, weathering multiple market cycles, including booms, busts, and price spikes, while continuing to expand its user base. The company's marketing and promotional strategies often set a benchmark in the crypto sector.

At the height of the NFT craze in 2021, Coinbase held a special offer with one of the most sought-after NFT collections, Bored Ape Yacht Club.

Additionally, during the 2022 Super Bowl, Coinbase introduced an innovative ad featuring a dynamically moving QR code.

This QR code, when scanned, directs viewers to Coinbase's promotional website, where they are offered $15 worth of Bitcoin simply for creating an account with Coinbase. The overwhelming response caused the Coinbase site to experience a temporary delay.

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Regulatory Landscape

Brian Armstrong has been a vocal advocate for crypto regulation to help drive economic growth and consumer protection.

He consistently emphasizes the importance of regulatory clarity and a balanced approach to government oversight to drive innovation in the crypto sector.

However, Coinbase's relationship with the SEC has been marked by significant turmoil and uncertainty. In March 2023, the SEC issued a warning to Coinbase, signaling possible legal action.

Prior to this, the SEC had warned Coinbase and other crypto exchanges for allegedly ignoring securities laws by stating that cryptocurrencies do not fall within the scope of securities regulations, thereby declaring that registration as a broker was unnecessary.

Despite Brian Armstrong's efforts to address the issue with the SEC through various channels, on June 6, 2023, the SEC sued Coinbase, alleging that the company traded at least 13 crypto assets that qualified as securities without proper registration.

These assets include Solana, Cardano, and Polygon, among others. The SEC also accused Coinbase of operating as an unregistered exchange, broker and clearing house.

Source: Cointelegraph

Future Prospects Amid SEC Lawsuit

The SEC lawsuit and lawsuit have raised concerns about Coinbase's future. The outcome of the lawsuit could impact Coinbase's ability to operate and expand its services both domestically and internationally.

Negative outcomes could result in significant fines, sanctions or operational restrictions, affecting its growth trajectory and reputation.

However, Coinbase has a good record of overcoming regulatory challenges. The company has demonstrated a commitment to complying with regulations and has established strong partnerships with regulatory authorities. Nevertheless, Coinbase's future trajectory depends on resolving the SEC lawsuit.

Ultimately, Coinbase's ability to navigate regulatory hurdles, maintain its reputation, and adapt to evolving regulatory frameworks will be key in determining its long-term viability and position in the dynamic crypto landscape.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

 

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.