Fred Ehrsam Net Worth | Celebrity net worth
What is Fred Ehrsam net worth?
Fred Ehrsam is a technology entrepreneur, business executive, and investor who has a net worth of $1 billion. Fred Ehrsam is known for co-founding cryptocurrency investment firm Paradigm and cryptocurrency exchange company Coinbase. Previously, he was a forex trader at the financial services company Goldman Sachs. In 2013 and 2014, Ehrsam was named to Time magazine’s and Forbes’ “30 Under 30” lists, respectively.
Youth and education
Frederick Ernest Ehrsam III was born May 10, 1988 in Boston, Massachusetts, and grew up in Concord. In high school, he played video games at the professional level. A particularly knowledgeable player of the massively multiplayer online role-playing game “World of Warcraft”, it was from this game that he was introduced to the idea of digital currency in the game. Ehrsam then attended the University Duke in Durham, North Carolina, where he earned a bachelor’s degree in computer science and a minor in economics.
After graduating from Duke, Ehrsam began working as a forex trader at financial services firm Goldman Sachs in New York. During this time, he first learned about cryptocurrency by reading a Georgetown University professor’s article. Thereafter, Ehrsam started trading bitcoins in his spare time.
Along with former Airbnb engineer Brian Armstrong, whom he had met on the bitcoin forum subreddit, Ehrsam co-founded the Coinbase cryptocurrency exchange in San Francisco, California in 2012. They created the company in order to allow cryptocurrency enthusiasts to trade various digital currencies. on line.
Just two years after its inception, Coinbase had grown to over one million users; it also acquired blockchain mining service Blockr and web bookmarking company Kippt, and launched a vault system for secure bitcoin storage. Coinbase also began partnering with companies such as Dell, Overstock, and Expedia, through which consumers were allowed to pay via bitcoin. In 2015, Coinbase expanded its range of services to Canada and Singapore. Ehrsam eventually left the company in early 2017, but opted to stay on its board while owning around 9% of the company’s shares. During the COVID-19 pandemic, Coinbase began operating entirely through remote work by its employees. In the spring of 2021, it went public on the Nasdaq stock exchange; the following year, amid the global cryptocurrency decline, Coinbase laid off more than 1,000 of its full-time employees.
Wealth spike and fall
At Coinbase’s historic market capitalization of $112 billion, Fred Ehrsam’s net worth peaked at just over $10 billion. A year later, his net worth had fallen to $1 billion after the stock price plummeted.
After leaving Coinbase, Ehrsam co-founded cryptocurrency investment firm Paradigm in 2018 with former Sequoia Capital investor Matt Huang. The couple also became managing partners of the firm. By the end of 2020, Paradigm had made 28 investments in companies involved in the cryptocurrency market. Later, in November 2021, the company closed the largest cryptocurrency venture capital fund in history, raising $2.5 billion to invest in fledgling cryptocurrency and Web3 ventures.
In 2013, at the age of 25, Ehrsam was named to Time magazine’s list of “30 People Under 30 Changing the World”. The following year, he appeared on Forbes’ “30 Under 30” list.