Brian Armstrong, Chief Executive Officer (CEO) of crypto exchange Coinbase plans to sell a 2% stake in his company in order to fund scientific research in biotech company NewLimit and ResearchHub.
It is understood that ArmStrong is confident that the Coinbase company will develop crypto exchange services including achieving the mission it has set.
Therefore, he intends to be the CEO of Coinbase for a long time so that Coinbase can contribute to the crypto market in different ways and be able to further develop its business.
The streak, Armstrong stressed, will focus on subscriptions and stabilize the company's finances so that investors will continue to use its services even if the crypto market falls.
He is also said to own a 16% stake in crypto exchange Coinbase including controlling 59.5% of its voting shares.
On record, Coinbase (COIN) stock is down, trading at around $63.00.
But last May, COIN showed a slight bounce right after falling to $50 from $130.
Meanwhile, majors Goldman Sachs and JPMorgan once looked down on Coinbase due to the falling price and low trading volume of COIN.
On a different source, Coinbase has now obtained a license in Singapore and signed an agreement with Google Cloud in allowing crypto payments.
