Coinbase CEO to Sell Exchange’s Shares to Fund Research

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Brian Armstrong, CEO of cryptocurrency exchange Coinbase, plans to sell about 2% of his shares in the company within a year to fund scientific and technological research.

He has said on Twitter:

I’m passionate about accelerating science and tech to help solve some of the biggest challenges in the world. To further this, I’m planning to sell about 2% of my Coinbase holdings over the next year to fund scientific research and companies like NewLimit and ResearchHub.”

NewLimit is a biotechnology company focused on developments in the field of human life extension. ResearchHub positions itself as “GitHub for scientists.” The platform allows users to publish research papers and discuss their results.

According to filings for the SEC, Armstrong owned a 16% stake in Coinbase as of April. The voting share of the CEO was almost 60%.