Fred Ehrsam is a billionaire tech entrepreneur, business executive, and investor. Among Fred Ehrsam’s many accomplishments is the establishment of the cryptocurrency exchange Coinbase and the cryptocurrency investment firm Paradigm. He had worked as a currency trader for Goldman Sachs, a multinational investment bank. Ehrsam has been featured on the “30 Under 30” lists of both Time and Forbes. In this article, we are going to talk about Fred Ehrsam’s Net Worth, early life, and more interesting facts.
Fred Ehrsam’s Earl Life
Born on May 10, 1988, in Boston, Frederick Ernest Ehrsam III grew up in Concord. He was already a professional gamer in high school. He first encountered virtual cash in the massively multiplayer online role-playing game World of Warcraft, where he quickly rose to the rank of an expert player. After high school, Ehrsam attended Duke University in Durham, North Carolina, where he earned a bachelor of science in computer science while also completing coursework in economics.
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Fred Ehrsam’s Professional Career
A graduate of Duke University, Ehrsam now works as a currency trader for Goldman Sachs in New York. At that time, he saw a paper written by a Georgetown University professor that introduced him to the concept of bitcoin for the first time. Soon after, Ehrsam started using his spare time to engage in bitcoin trading.
Ehrsam co-founded the cryptocurrency exchange platform Coinbase in 2012 with former Airbnb developer Brian Armstrong, whom he met on the bitcoin subreddit forum. In an effort to facilitate online trading among bitcoin aficionados, they set up shop. Coinbase purchased the blockchain explorer service Blocker and the web bookmarking business Kippt and introduced a vault system for secure storage of bitcoin all within two years of its creation. Companies including Dell, Overstock, and Expedia accepted bitcoin payments from Coinbase customers once the company began working with them.
Control as liability pic.twitter.com/yF7ROZUZ67
— Fred Ehrsam (@FEhrsam) August 11, 2022
By the end of 2015, Coinbase had extended its reach to both Canada and Singapore. In the end, Ehrsam departed the company at the beginning of 2017, but he stayed on the board and owns about 9 percent of the stock. Coinbase switched to relying solely on remote labor from its staff during the COVID-19 outbreak. Coinbase went public in the spring of 2021 on the Nasdaq exchange; the following year, when the value of cryptocurrencies fell around the world, the company let go of more than 1,000 full-time workers.
Fred Ehrsam’s Net Worth
Economies reach their zenith and then plummet. Fred Ehrsam’s wealth peaked at just over $10 billion at Coinbase’s all-time market valuation of $112 billion. After the stock market crash a year later, his wealth decreased to $1 billion.
Ehrsam left Coinbase in 2018, and he and another ex-Sequoia Capital investor Matt Huang started the cryptocurrency investment business Paradigm. In addition, both of them were promoted to managing partners of the company. By the end of 2020, Paradigm has put money into 28 different cryptocurrency-related businesses. A few months later, in November of 2021, the company closed the largest cryptocurrency venture capital fund in history, having raised $2.5 billion to invest in new cryptocurrency and Web3 businesses.
Ehrsam, at 25 years old, was named one of Time’s “30 People Under 30 Changing the World” in 2013. He made Forbes’ “30 Under 30” list the following year.