Coinbase: The head of the cryptocurrency exchange must make $ 1 million – daily

Performing cryptocurrencies like Bitcoin He seems to know roughly one direction: Up. The digital platforms through which such cryptocurrencies can be traded are also benefiting from the boom. One of the best known is Coinbase. At the end of February, the company announced that it would soon go public.

According to a report by Bloomberg News, which specializes in business news, this could be useful above all for Brian Armstrong, co-founder and current CEO: calculated over ten years, in which he is entitled to $ 3 billion. Or – as Bloomberg calculates – about a million dollars, and Although every day.

According to the company, this is called Founders’ grants; A large sum that is usually used to please and make the founders of the company happy. Coinbase itself did not want to comment on the information, according to Bloomberg.

A sharp jump in last year’s earnings

Coinbase has over 40 million regular users and is able to trade in around 40 different cryptocurrencies. Unlike many other startups, the platform appeared to be in good financial shape even before it was released to the public: Sales doubled to about $ 1.3 billion in 2020. Profit jumped to $ 322 million after losing $ 30 million in 2019.

The numbers come from the stock exchange prospectus, which was released in San Francisco Companies resident with the US Securities and Exchange Commission SEC It was filed to own shares on the New York Technology Exchange Nasdaq To be able to sell.

The company had already applied for a so-called direct placement with the SEC in January. Here, shares are brought directly to the stock exchange without the accompaniment of investment banks and a prior pricing process. Other bigger companies like the Spotify music service or the Slack office chat app have previously succeeded with this somewhat unusual but cheaper alternative.