Coinbase CEO to buy LA mansion for $ 133 million

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Brian Armstrong, CEO of Coinbase – the largest cryptocurrency exchange in the United States – reportedly made a multi-million dollar real estate purchase at the end of 2021.

Armstrong bought a $ 133 million Los Angeles property from Japanese entrepreneur Hideki Tomita in December, the Wall Street Journal reported on Monday, citing unnamed people familiar with the matter.

According to the Wall Street Journal, Tomita initially bought real estate for $ 85 million in 2018. The new deal would mark the biggest home purchase ever in the Los Angeles area.

Before being sold to Tomita, the Bel-Air estate was previously owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram’s heir, Charles Bronfman.

The property includes a 19,000 square foot mansion featuring a theater, gym and double height dining room. The property would also have had a 6,600 square foot guesthouse designed by Paul Williams.

Armstrong co-founded Coinbase with US company executive and investor Fred Ehrsam in 2012. The exchange has seen massive growth in recent years, becoming the largest crypto trading platform in the United States in terms of transaction volumes and is went public on the Nasdaq in April 2021.

With a 19% stake in Coinbase, Armstrong had an estimated net worth of $ 14.7 billion as of November 2021, being one of the richest crypto investors in the world alongside FTX exchange founder Sam Bankman. -Fried. Armstrong was also named the world’s largest crypto billionaire by the Chinese Hurun Research Institute in March 2021.

Coinbase did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending further information.

Related: Russian bank Sber launches monitoring of Coinbase blockchain ETF, Galaxy Digital

Crypto executives have recently bought more and more real estate. Jonathan Yantis, co-founder of non-fungible token platform Worldwide Asset eXchange, reportedly bought a 70-acre estate outside Denver for $ 12.5 million in mid-December.

Changpeng Zhao, CEO of the world’s largest crypto exchange, Binance, reportedly bought his first home in Dubai in October 2021. He previously said he did not own any real estate in April 2021, claiming to have sold his apartment in Shanghai in October 2021. 2006 to buy Bitcoin (BTC).


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