Coinbase CEO signs the giving pledge, set to donate majority of wealth

22 Dec, 2018 | Updated: 22 Dec, 2018
by Ryan Boltman
Coinbase CEO signs the giving pledge, set to donate majority of wealth

Coinbase CEO Brian Armstrong has officially signed the Giving Pledge, which means the CEO will be looking to follow the likes of creator, Warren Buffet in pledging large portions of his wealth to philanthropic causes.

The pledge was originally founded by American business magnate, Warren Buffet, and includes the likes of Elon Musk, Ray Dalio, Bill Ackman, and Michael Bloomberg. The pledge currenly includes over 150 people and Armstrong becomes the first crypto-related person to sign the pledge. 

Coinbase is one of the biggest cryptocurrency exchanges in the world, and has seen massive popularity in the U.S, currently the company is valuated at roughly $8 billion. According to Bloomberg, Armstrongs stake in Coinbase is approximatly $1.3 billion. 

Armstrong commented on the signing of the pledge, stating "Once a certain level of wealth is reached, there is little additional utility from spending more on yourself. One's ambition begins to move outwards," Armstrong said in a blog post on the Giving Pledge website. "I've always admired founders and leaders whose ambition to improve the world supersedes any goal related to personal wealth."

Armstrong has already begun giving back, earlier this year the founder created, a nonprofit that accepts and distributes cryptocurrency and takes direct cash transfers to people living in poverty. 

Coinbase continues to grow and looks to be a major driving force behind mass adoption of cryptocurrencies. 

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