From launching digital asset exchange Coinbase in his small apartment to becoming a crypto guru, Brian Armstrong has come a long way over the past 12 years. This guide takes a look at Armstrong’s entrepreneurial journey and his contributions to the development of the crypto industry.
Introducing Brian Armstrong
Born in 1983, Brian Armstrong is the founder of US-based crypto exchange Coinbase, which is ranked second based on trading volume. Armstrong co-founded the exchange with Fred Ehrsam back in 2012.
He holds a bachelor’s degree in computer science from Rice University. Armstrong started his entrepreneurial journey while still on campus when he launched UniversityTutor.com, a platform that connected parents and students with tutors across the world. Johnson Educational Technologies acquired his project in 2012.
Upon graduating, Armstrong was hired as a developer by Deloitte. He quit in 2010 after reading a Bitcoin whitepaper written by Satoshi Nakamoto. The whitepaper sowed the seed that led to the creation of Coinbase. With that said, let’s find out how Coinbase originated.
After reading Nakamoto’s whitepaper, Armstrong was fascinated by the idea of a decentralized digital currency. He started to believe that such currency would make the challenges around cross-border payments go away. Armstrong would then spend the next two years building a platform that would allow people to buy and sell cryptocurrencies.
In late 2011, Armstrong sought funding. So, he joined the startup accelerator program Y Combinator after partnering with Fred Ehrsam. The two managed to secure $150,000 in investment funds. They used the money to launch Coinbase in mid-2012. Armstrong became the exchange’s CEO and has held that position to date.
Factors Behind Coinbase’s Growth
Coinbase went public in 2021, becoming the first cryptocurrency exchange to do so. Its shares can be traded on stock exchange Nasdaq.
So, what drivers have fueled Coinbase’s growth over the last 12 years? They include the following:
Marketing Magic
During its launch, Coinbase marketed itself as a platform that aimed to unlock a new financial future. The exchange promised people they would be able to transact without the involvement of traditional banks, thus having more control over their money. Millions of Americans who were tired of traditional banking started signing up with Coinbase.
User Experience
Up to date, Armstrong’s focus has been on giving users a seamless experience while using the Coinbase platform. The exchange’s simple interface makes it easy for anyone to buy and sell digital currencies.
Branding Brilliance
With the growing cases of cyber attacks targeting crypto exchanges, Coinbase has positioned itself as a safe haven for traders and investors. The exchange has adopted tight security measures to ensure customer funds are not targeted by cybercriminals.
Good Timing
Brian Armstrong’s belief in crypto during its early days has clearly paid off. The crypto guru invested in Coinbase early enough and has spent over a decade making the platform more user-friendly to easily onboard traditional investors to the digital asset ecosystem.
Brian Armstrong’s Other Top Projects
Along with Coinbase, Armstrong runs other innovative projects. They include:
ResearchHub – This platform allows people to share scientific knowledge through research papers, which anyone can use to build projects.
NewLimit – This company comprises scientists who study how lifestyle and environment influence gene expression even without changing the DNA. NewLimit aims to use the knowledge to improve the lifespan and health of humans.
Armstrong’s Stand on Cryptocurrency Regulation
Brian Armstrong advocates for a clear regulatory framework and has called out the US regulators on multiple occasions for trying to kill the crypto industry by leveling unnecessary enforcement actions on the players in the digital asset industry.
Last year, the Coinbase CEO criticized the Securities and Exchange Commission Chair, Gary Gensler, for having a hostile attitude toward the crypto industry. The criticism came after the Commission accused Coinbase of offering unlicensed securities to the public.
Armstrong says several US-based crypto companies are likely to set up overseas if the American regulators do not adopt a clear regulatory framework.
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