Brian Armstrong, the CEO of Coinbase, has stated that he intends to sell 2% of his holdings in the cryptocurrency exchange over the course of the upcoming year in order to fund scientific research.
Armstrong announced late Friday on Twitter that he intends to sponsor businesses like New Limit and ResearchHub by selling 2% of his whole ownership in the company in order to address some of the world’s most pressing problems.
Still Bullish on Coinbase and Crypto
He stated that he intends to continue serving as Coinbase’s CEO “for a very long time.” He stated that he remains super bullish on crypto and Coinbase. Armstrong added that he was “fully dedicated” to growing the business.
According to NewLimit’s Twitter page, the company is pursuing radical extension of human healthspan using epigenetic reprogramming. Meanwhile, ResearchHub asserts that it is focused on accelerating the pace of science by rewarding the open sharing and discussion of academic research.
Armstrong Still Controls Majority of Voting Shares
Armstrong controls 59.5% of the voting shares and owns 16% of the US-based cryptocurrency exchange, according to Bloomberg. Coinbase was the first crypto exchange to go public. Midway through April of last year, the exchange went public on Nasdaq, and on the first day of trading, it had a market value of close to $100 billion. But Coinbase’s shares also dropped as the cryptocurrency craze began to cool off.
Shortly after its launch, the exchange’s shares reached an all-time high of $420; however, they have since fallen sharply. User interest in cryptocurrency markets is waning as the crypto downturn persists, which has contributed to COIN’s poor performance.
The exchange announced in August that its second quarter loss of $1.1 billion was worse than anticipated. The poor results occurred as the cryptocurrency exchange experienced a significant loss in revenue due to falling trading volumes and institutional and retail involvement.
The exchange’s earnings decreased from $2.033 billion in the second quarter of 2021 to $803 million, or almost 64%, in that time. Additionally, the San Francisco-based cryptocurrency company’s sales of $832.2 million fell short of analysts’ projections.
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