Brian Armstrong, CEO of Coinbase, wants to sell some of his shares to fund research in science and technology. The CEO of one of the largest cryptocurrency exchanges says he remains optimistic about cryptocurrencies and plans to run the company for the long term.
Plans for science funding
Coinbase CEO Brian Armstrong has revealed plans to cut his stake in the US exchange giant in favour of funding research in science and technology. He said he would sell about 2% of his stake in Coinbase. As CEO, Armstrong owns 16% of the company. According to Coinbase’s official 2022 statement, Brian Armstrong controls almost 60% of the firm.
At the moment, Coinbase’s CEO is looking for funding for scientific and technological research. He had this to say on the matter:
“I’m passionate about accelerating science and technology to help solve some of the world’s biggest problems.”
Brian Armstrong has no plans to leave his position as Coinbase CEO
The Coinbase CEO also clarified that his decision to sell some of his shares does not indicate his desire to step down as leader of the company. Armstrong said he intends to run Coinbase “for a very long time”, adding:
“I remain optimistic about cryptocurrencies and Coinbase. I am fully committed to growing our business and advancing our mission, but I am also happy to contribute in other ways.”
A great many CEOs of large firms have left their positions during the crypto-zima. This is due to difficult market conditions. Firms have also been forced to cut a decent chunk of staff. Coinbase itself laid off about 18% of its staff over the summer.