There are many big names in the crypto world that have gotten a lot of attention recently. One such individual is Brian Armstrong. Known as the founder of the world's largest cryptocurrency exchange — Coinbase — Armstrong has since become one of the biggest names in the crypto space. So, what is Brian Armstrong's net worth?
In addition to Coinbase, Armstrong is also known as one of the world's leading crypto philanthropists. His charity, GiveCrypto, allows regular investors to donate all manner of cryptocurrencies as a way to sidestep the unnecessary fees that come about dealing with regular fiat.
Here's a look at a few other of Armstrong's philanthropic endeavors and how much he's now worth given the downturn the crypto market has taken.
Co-founder, Chairman, and CEO of Coinbase
Net worth: $2 billion
Brian Armstrong's net worth has taken hit after hit. Shortly after Coinbase went public in April 2021, Armstrong's net worth reached as much as $13 billion. But, after the crypto market took a turn south, Armstrong's net worth has steadily declined, causing him to lose his place on the Bloomberg Billionaires Index.
Birthdate: Jan. 25, 1983
Birthplace: San Jose, Calif.
Education: Received his BA and MS from Rice University
Married: No, its rumored he was dating Raline Shah
What is Brian Armstrong's net worth in 2023?
It's hard to come to an exact estimate of Armstrong's net worth, but even before Coinbase announced it was going public via a direct listing, Armstrong was already a millionaire many times over.
In 2020 alone, Armstrong made almost $60 million annually while working as CEO. In comparison, Apple CEO Tim Cook made only $14.7 million in 2020, while JPMorgan Chase CEO Jamie Dimon collected around $31.5 million.
In April 2021, after Coinbase was valued at nearly $100 billion, Armstrong's net worth was estimated to be somewhere between $7 billion and $15 billion, making him one of the top 500 wealthiest people in the world. But, in 2022, his net worth plummeted after various cryptocurrencies crashed.
Today, Forbes estimates Armstrong's net worth to be $2 billion.
Brian Armstrong has given back some of his personal wealth through GiveCrypto.
GiveCrypto is one of the only crypto-based charities out there. Started back in 2018, Armstrong has used his experience from heading up Coinbase in order to open the door for regular investors to donate crypto for charity.
While GiveCrypto still has a long way to go before it meets its vision, the fund hit a $4 million milestone in donations in 2021. This includes a number of large donations from big names in the blockchain ecosystem, such as Ripple Executive Chairman Chris Larsen and ZCash CEO Zooko Wilcox.
GiveCrypto accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and Zcash at the moment. As more currencies grow, expect GiveCrypto to accept more mainstream altcoins in the future as well.
Is Brian Armstrong part of The Giving Pledge?
Armstrong has attracted a lot of big investors to donate, in no small part due to his own personal example as a philanthropist. Brian Armstrong donated over $1 million of cryptocurrency towards his charity, making him one of the top three biggest donors.
It would make sense that Armstrong is part of The Giving Pledge, which is a public commitment from some of the world's richest individuals to donate the majority of their wealth to philanthropy.
Those who have signed the pledge include Warren Buffett, Bill and Melinda Gates, and Larry Ellison. As of October 2022, Armstrong's name was included on the list of pledgers.
Coinbase laid off 20 percent of its workforce in January 2023.
Despite the success Coinbase has had in the past, in January 2023, the company had to let go of roughly 950 employees, NPR reported. The company attributed the layoffs to "the continued downturn in the crypto market and the broader economy."
Sadly, this wasn't the first round of layoffs Coinbase held. Back in June 2022, Coinbase reportedly cut about 1,100 employees from its roster as a way to reduce operating costs.