Here’s why Coinbase CEO Brian Armstrong wants to sell 2% of his stake in the company

The CEO of the US-based crypto giant has said he wants to sell his entire 2% stake in the company in the coming months.

He intends to use this capital to fund some research and scientific projects.

  • Armstrong took to Twitter to inform the community of his decision, which is based on his desire to help accelerate science and technology “to help solve some of the world’s biggest challenges.”
  • As such, it will sell 2% of its Coinbase holdings over the next 12 months to fund companies like NewLimit and ResearchHub.
  • The first says it works for the “radical extension of human health using epigenetic reprogramming” and is followed by Armstrong, as well as Anthony Scaramucci of SkyBridge Capital.
  • The latter focuses on “accelerating the pace of science by rewarding open participation and discussion of academic research.” Aside from the CEO of Coinbase, the list of Twitter followers includes Tron’s Justin Sun.
  • Although he plans to sell a small portion of his company’s holdings, Armstrong said he intends to be CEO for “a very long time” and remains “very optimistic about cryptocurrency and Coinbase.” This is somewhat in contrast to current trends in the industry, where several CEOs have resigned in recent months, including the CEO of Kraken.
  • Coinbase shares had better days, dropping more than 8% on Friday to close at $63.59. Armstrong’s statement on Twitter did not affect its trading price after the close.
  • The COIN stock was pumped earlier this week when Google said it had partnered with Coinbase to allow customers to pay for cloud services in cryptocurrency.
  • However, stocks have been on a downtrend over the past few months, along with the entire crypto market. Recently, they had a double dip in prices when Wells Fargo reversed its stance and advised investors to sell.

The post here why Coinbase CEO Brian Armstrong wants to sell 2% of his stake in his company appeared first on CryptoPotato.

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