Categories: BusinessWorld
| On 5 months ago

This IIT graduate’s net worth is ₹5,000 crores, just 15 months after joining Coinbase

By Aswin Kumar

Surojit Chatterjee, an Ex-Google employee, after working at Alphabet Inc.’s Google for 3 years joined Coinbase Global, the biggest US crypto exchange, as a chief product manager in February 2020.

In just 15 months, the former Google executive’s Coinbase stake is accounted to be worth about $180.8 million ( ₹1,500 crores) after its first volatile day of trading in New York on Wednesday. He’s also set to receive share options within the next five years that are currently worth about $465.5 million ( ₹3,500 crores), according to Bloomberg.

Surojit, a BSc graduate from IIT Kharagpur, joins Coinbase founders Brian Armstrong and Fred Ehrsam as major holders of the firm’s Nasdaq debut. Together, their stakes are worth more than $16 billion, according to the Bloomberg Billionaires Index.

Coinbase shares opened at $381, giving it a valuation of close to $100 billion. The price spiked to almost $430 before reaching its low to close at $328.28. The company went public as Bitcoin — which together with Ethereum made up most of its 2020 trading volume — is trading around its all-time high. Bitcoin has more than doubled in price this year to about $64,000.

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Chatterjee previously worked as a VP, Product Management at Google, even his experience at Bangalore Based Indian e-commerce site Flipkart as the head of products appealed to Armstrong.

“When someone has only lived, worked, or transacted in a country like the United States, it can be difficult to grasp the size of the opportunity in simplifying cross-border transactions,” Armstrong, who is Coinbase’s chief executive officer, wrote in the company’s blog post last year announcing Chatterjee’s appointment.

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Aswin Kumar

A creative science nerd! Buy me a coffee: buymeacoffee.com/aswinkumar

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