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Coinbase CEO Brian Armstrong Is No Longer a Member of the Giving Pledge: Report

Key Points:

Coinbase CEO Brian Armstrong was removed from the billionaire charity initiative, the Giving Pledge.
Similar to Armstrong, other crypto leaders like Sam Bankman-Fried and T. Denny Sanford faced removal due to legal issues.

According to Bloomberg, Coinbase CEO Brian Armstrong was recently removed from the Giving Pledge, a commitment by billionaires to donate the majority of their wealth to charity.

Coinbase CEO Brian Armstrong Removed from Giving Pledge

Armstrong joined the initiative in 2018, becoming the first crypto magnate in the group founded by Bill Gates, Melinda French Gates, and Warren Buffett. A Gates Foundation spokesperson confirmed Armstrong’s removal, which is a rare occurrence among signatories.

In a now-deleted 2018 blog post on the Giving Pledge website, Armstrong expressed his desire to use his wealth for social betterment, such as improving education and economic freedom. However, his exit follows the closure of his nonprofit, GiveCrypto, in December 2023. GiveCrypto aimed to distribute digital currencies to those in need but was shut down due to its inability to create lasting change solely through cash transfers.

Coinbase CEO Brian Armstrong is not the first crypto leader to face removal from the Giving Pledge. Sam Bankman-Fried was taken off the list in December 2022 following his arrest on fraud charges related to his now-defunct exchange, FTX. Similarly, T. Denny Sanford was removed in October 2023 after an investigation into child pornography, which ended without charges.

Armstrong’s Continued Influence in Cryptocurrency

Despite these setbacks, Armstrong continues to be a prominent figure in the crypto world. He co-founded Coinbase in 2012, which remains a leading digital asset exchange despite industry challenges. Armstrong has expanded the company’s operations globally and established partnerships with Wall Street asset managers. In 2023, he spent considerable time lobbying for cryptocurrency legislation in Washington, DC, contributing over $1 million to a super cryptocurrency committee.

Coinbase’s custody business generated $50 million in revenue in the first three quarters of 2023, though analysts question its long-term profitability due to regulatory cost battles and competition from Bitcoin ETFs.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.