American entrepreneur Brian Armstrong is one of the people responsible for the creation of Coinbase, which is now the most popular bitcoin trading platform in the United States.
In February of 2021, he was ranked number one on the Crypto Rich list, where he was estimated to have a net worth of $6.5 billion at the time.
According to Forbes, Brian Armstrong’s net worth is estimated to be $2.8 billion as of the year 2022.
Coinbase had total revenue of $1.3 billion in the year 2020, which resulted in profits of $322 million for the company, which is currently owned by him to the extent of 19 percent of the company.
Brian Armstrong was born on January 25, 1983, in San Jose, California, to parents who were both engineers. His mother and father met while working in the aerospace industry.
Rice University was where he obtained his degrees in both economics and computer science. After completing his undergraduate education, he went on to earn a Master of Science degree in Computer Science.
While he was still in school, he worked for IBM as a development intern and obtained valuable professional experience. It was his responsibility to develop Java-based tools for network attached storage systems (NAS).
Armstrong was also a contributor to the establishment of UniversityTutor.com, which is an online directory of tutoring services. The goal of the website is to provide a free platform that can facilitate connecting, matching, and working with tutees and tutors both locally and online. Tutors and tutees can use the platform to communicate and collaborate.
He worked for the company and eventually became its CEO over the course of eight years. Coinbase was established by him in the year 2012.
Also Read: Caleb Mclaughlin’s Net Worth
How He Obtained His Wealth
2010 was the year in which he finally encountered Bitcoin. It was released in a whitepaper authored by its creator, Satoshi Nakamoto.
In 2011, I worked at Airbnb as a software engineer. Armstrong became aware of the issues and challenges posed by payment systems in 190 nations globally. Then, he decided to develop a solution that would facilitate the purchase and sale of cryptocurrency.
Together with Fred Ehrsam, he co-founded Coinbase, a platform for trading cryptocurrencies.
A year after the company’s inception, it had already amassed 25 million dollars, giving it a market value of 143 million dollars.
By 2014, Coinbase had reached one million users. They subsequently forged relationships with established companies, including Expedia, Dell, and Dish Network, to extend their clientele of bitcoin-accepting customers.
Advancement and Investor Confidence
Coinbase was the first cryptocurrency startup to reach a valuation of at least $1 billion in 2017, making it the first company to achieve Unicorn status.
Since that time, the company has experienced more growth, which helped it establish the reputation among investors that Coinbase is reliable and fulfills their needs. Coinbase has already made $1.28 billion in revenue in just a year 2020. Let’s fast forward to that year.
During the first three months of 2021, the business maintained its previous quarterly profit level of 800 million dollars. It conducted its first public offering by way of a direct listing on the NASDAQ, and the price per share was set at $380.
As a result of the offering, the market capitalization of the company increased to $112 billion, and Armstrong became one of the top 70 wealthiest persons on the planet. He was in the same league as Eric Schmidt, the head of Google, and Carl Icahn, the king of the hedge fund industry.
Armstrong did not achieve his level of achievement in a single night, despite what some people believe. Even though he was still in high school, he was already involved in the business of starting up new companies. More than fifty million customers are currently being served by Coinbase, which utilizes the platform to purchase and sell cryptocurrencies like Bitcoin and Ethereum.