The CEO of cryptocurrency exchange Coinbase plans to fund research organizations to help solve pressing problems on planet Earth.
Brian Armstrong announced today plans to sell 2% of his stake in the company over the next year to invest in R&D. The businessman is going to finance scientific research of the companies he co-founded, such as biotech NewLimit and ResearchHub.
According to Coinbase open data, Armstrong owns 16% of the shares and controls 59.5% of the voting power in decision-making by the company’s management. According to the head of the crypto exchange, he is optimistic about the future of Coinbase, cryptocurrencies and the industry as a whole. Nevertheless, the businessman believes that he can make a greater contribution to solving many pressing problems if he delves into science and technology:
“To avoid misunderstandings, I will say that I intend to continue as the CEO of Coinbase for a very long time and remain optimistic about the future of the industry. I am fully dedicated to growing the business and advancing our mission, but I am also happy to contribute in other ways.”
At the same time, Armstrong believes that the recession in the market will not end soon. But, the CEO makes clear, Coinbase is poised for upheaval. Including by reducing staff and investing in third-party projects.
Earlier, Armstrong said that large technology companies will be the catalyst for the universal adoption of cryptocurrencies.
Source: Bits
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