Brian Armstrong, CEO of Coinbase — the most important cryptocurrency change within the United States — reportedly made a multi-million-dollar actual property buy on the finish of 2021.
Armstrong purchased a $133-million Los Angeles property from Japanese entrepreneur Hideki Tomita in December, The Wall Street Journal reported on Monday, citing nameless folks aware of the matter.
According to The Wall Street Journal, Tomita initially bought the actual property for $85 million in 2018. The new deal allegedly marks the most important house buy ever accomplished within the L.A. space.
Prior to being bought to Tomita, the Bel-Air property was previously owned by Ellen Bronfman Hauptman, the daughter of billionaire Seagram’s inheritor Charles Bronfman.
The property features a 19,000-square-foot mansion that includes a theater, a fitness center and a double-height eating room. The property additionally reportedly had a 6,600-square-foot visitor home designed by Paul Williams.
Armstrong co-founded Coinbase with American enterprise govt and investor Fred Ehrsam again in 2012. The change has been rising massively lately, changing into the most important crypto buying and selling platform within the U.S. by way of buying and selling volumes and going public on Nasdaq in April 2021.
With a reportedly 19% stake in Coinbase, Armstrong had an estimated web value of $14.7 billion as of November 2021, being one of many world’s richest crypto traders alongside FTX change founder Sam Bankman-Fried. Armstrong was additionally known as the world’s greatest crypto billionaire by China’s Hurun Research Institute in March 2021.
Coinbase didn’t instantly reply to Cointelegraph’s request for remark. This article will likely be up to date pending any new data.
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Crypto executives have been more and more shopping for actual property just lately. Jonathan Yantis, co-founder of the nonfungible token platform Worldwide Asset eXchange, reportedly bought a 70-acre property exterior Denver for $12.5 million in mid-December.
Changpeng Zhao, CEO of the world’s largest crypto change, Binance, reportedly purchased his first house in Dubai in October 2021. He beforehand mentioned that he didn’t personal any actual property as of April 2021, claiming that he bought his condo in Shanghai again in 2006 to purchase Bitcoin (BTC).