Google executive’s 2020 move to Coinbase worth $US646 million

Even for Silicon Valley, Surojit Chatterjee’s rise to extraordinary wealth was lightning quick.

The chief product officer has been with Coinbase, the largest US crypto change, for simply 15 months. The former Google executive’s Coinbase stake was worth about $US180.8 million after it’s first volatile day of trading in New York on Wednesday (US time). He’s additionally set to obtain share choices throughout the subsequent 5 years which are presently worth about $US465.5 million, in accordance to knowledge compiled by Bloomberg.

Coinbase chief product officer Surojit Chatterjee with CEO and co-founder Brian Armstrong.

Chatterjee, who was 46 as of February and oversees product administration and design, joins Coinbase founders Brian Armstrong and Fred Ehrsam as main winners of the agency’s Nasdaq debut. Together, their stakes are worth greater than $US16 billion, in accordance to the Bloomberg Billionaires Index.

The itemizing wasn’t with out drama. Coinbase, listed on the Nasdaq beneath the ticker “COIN,” opened at $US381 The worth rose to virtually $US430 earlier than retreating to shut at $US328.28, up 31 per cent from the $US250 reference worth set by Nasdaq forward of the primary commerce. That places Coinbase’s market worth at $US85.78 billion.

It’s one other milestone although in placing crypto additional into the mainstream. The firm went public as Bitcoin – which along with Ethereum made up most of its 2020 buying and selling quantity – is buying and selling round its all-time excessive. Bitcoin has greater than doubled in worth this 12 months to about $US64,000.

Instant fairness

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Chatterjee’s Coinbase stake is a dramatic instance of the moment fairness staff can obtain when becoming a member of startups. Gone are the times when fairness was primarily distributed in tranches over a few years, a reward for loyalty in addition to efficiency.

Chatterjee joined Coinbase final February after three years at Alphabet’s Google, the place he led the corporate’s buying platform throughout his second stint on the search large. He beforehand headed product and supply for cell search advertisements and AdSense earlier than a short cease at Indian e-commerce website Flipkart. His expertise on the Bangalore-based firm appealed to Armstrong.

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