Brian Armstrong, CEO and cofounder of Coinbase, joins the list of Bitcoin billionaires
In late October, Coinbase CEO Brian Armstrong led a financing round that raised $300 million for Coinbase, with the valuation of $8 billion.
The largest cryptocurrency exchange in the U.S., Coinbase has over 20 million users and is likely to generate $1.3 billion of revenue in 2018. With such impressive numbers, they were able to involve Tiger Global Management to lead the round, with the participation of other big names like Wellington Management and Andreessen Horowitz.
35-year-old Armstrong cofounded the crypto exchange in 2012, which has now become one of the largest cryptocurrency exchanges in the world, and is extremely profitable. According to Forbes estimate, the net worth of Armstrong is currently between $900 million to a billion.
Currently, users can either buy cryptocurrency with fiat at Coinbase, or trade it, which ultimately puts the cryptocurrency exchange on the forefront of the industry. According to Armstrong, they will use the $300 million recently raised to expand global links between fiat currencies and crypto, which will also attract more financial institutions into the crypto industry.
Additionally, back in October Coinbase Custody has received license to operate as a Qualified Custodian under the New York State Banking Law, which opened up another new horizon for the company, making it an institution-grade custodian providing secure storage for large amounts of cryptocurrencies.