Coinbase CEO Brian Armstrong received $1.78 million to cover "personal security" expenses in FY2020 as the 38-year-old tech CEO prepared to take the cryptocurrency exchange operator public.
- Armstrong, who founded Coinbase in 2012, netted nearly $60 million in salary, stock options and "all other compensation" in FY2020, according to the crypto firm's newly-filed S-1, making him Coinbase's highest-paid executive.
- While the lion's share of that sum – $56.6 million – came via option awards and an additional $1 million for his base salary, Armstrong also received $1.78 million to cover "costs related to personal security measures."
- "We view personal security expenses for Mr. Armstrong as reasonable business expenses due to a bona fide business-oriented security concern and not the receipt of taxable personal benefits," the S-1 read. Armstrong appears to be the only Coinbase employee with such an arrangement.
- Joining Armstrong on Coinbase's list of highest-paid employees are Chief Product Officer Surojit Chatterjee ($15.8 million in 2020 compensation) and Chief Legal Officer Paul Grewal ($18 million in 2020). Chatterjee's and Grewal's packages also leaned heavily on stock and option awards.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.