Coinbase CEO Brian Armstrong Recalls How US Immigration Woes Helped Spark Ethereum's Creation
Brian Armstrong, CEO of Coinbase, recalled an old encounter with Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin and the inefficiencies of the U.S. immigration system that contributed to the blockchain’s creation.
What Happened: In an X post on Wednesday, Armstrong shared a personal anecdote about meeting Buterin in 2013 at a Bitcoin (CRYPTO: BTC) conference in San Jose. This was when Buterin was involved with Bitcoin Magazine, a publication he co-founded.
Armstrong said he invited Buterin to visit Coinbase's office in San Francisco, where the team was impressed by his work and tried to hire him.
“But due to a series of circumstances, including him not being able to get a work visa in the U.S., it didn’t work out, and he had to go back to Canada,” Armstrong said.
“While he was stuck in Canada, he created Ethereum,” he narrated further. “So, in a way, the sub-optimal immigration system in the U.S. contributed to the creation of Ethereum.”
Why It Matters: Armstrong’s anecdote came in the wake of Ethereum’s 10th anniversary, marking a decade of influence in the world of cryptocurrencies and blockchain technology.
The blockchain was proposed in late 2013 by Russian-born computer programmer Buterin, its development crowdfunded in 2014 before going live on July 30, 2015. Its key innovation is its smart contract functionality, which allows for the execution of code exactly as programmed without censorship or third-party interference.
Today, it is the biggest smart contract network, with a whopping $84 billion worth of value locked, according to DeFiLlama. Additionally, its native cryptocurrency Ether is the world’s second-largest, boasting a market capitalization of $465 billion.
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Posted-In: Cryptocurrency
