Coinbase chief executive Brian Armstrong has ruled out setting up a charitable foundation, telling a podcast that much of organised philanthropy does more harm than good. In the same conversation, he confirmed his company would put money behind the competitive tournament for a mobile strategy game he plays with his wife.
Speaking on a recent episode of the Katie Miller Podcast, Armstrong said financial advisers routinely urge newly wealthy founders to set up foundations, often for tax reasons, and that he has turned them down each time. 'No, I'm not going to do that,' he said, adding that his fear is losing control of the money once it leaves his hands.
