Oliver Covrett
“I’ve been coding like crazy,” Armstrong wrote Tan, with a link to his project, a banking app for Bitcoin, the cryptocurrency. “So basically I am in need of a co-founder. I’m wondering if you have seen any other applicants doing bitcoin projects?” The result: a historic venture return that turned a few hundred thousand dollars into a stake worth hundreds of millions.Initialized’s $300,000 combined seed-stage check into Coinbase translated to a stake of 0.66% of the cryptocurrency exchange at the time of its public offering, the firm confirmed to. That stake rises to 0.8% of Coinbase when you factor in additional checks written in 2015 and 2018. On Wednesday,via direct listing on Nasdaq.
“I feel like now I have the golden ticket,” Tan says. “What I’m excited about is how we build the next big platform, and have that actually mean something.”As Armstrong passed through Y Combinator in 2012, Tan, Ohanian and Taggar were doing double duty, working as partners at the accelerator while also operating a $7 million initial fund.
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