Airbnb CEO says he’s ‘really proud’ of one of his first engineers who left and started Coinbase

4 weeks ago 19

Brian Armstrong, CEO of Coinbase (L), and Brian Chesky CEO of Airbnb.

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Airbnb co-founder and CEO Brian Chesky told CNBC he's "really proud" of what 1 of the company's archetypal bundle engineers has gone connected to execute since leaving the online home-rental marketplace.

That erstwhile Airbnb worker is Brian Armstrong, co-founder and CEO of Coinbase. The cryptocurrency speech went nationalist and soared successful a nonstop listing Wednesday, successful a major milestone for the burgeoning integer plus industry.

"Brian really is 1 of the archetypal architects of our outgo level and our fraud detection system. So I'm really, truly arrogant of what he's doing," Chesky said successful an interrogation that aired Friday connected "Tech Check."

San Francisco-based Airbnb, which had its own high-profile IPO successful December, was founded successful 2008. Armstrong worked for the institution for a small implicit a year. Shortly aft his departure successful 2012, Armstrong started Coinbase on with Fred Ehrsam, a erstwhile overseas speech trader astatine Goldman Sachs.

Chesky said he's "kept successful touch" with Armstrong.

At the clip of Coinbase's founding, bitcoin was lone 3 years aged and priced astir $6. Ehrsam inactive serves connected Coinbase's board, but stepped backmost from a day-to-day relation in 2017. He's present a managing spouse astatine Paradigm, a crypto-focused concern steadfast helium helped start.

Bitcoin and different cryptocurrencies specified arsenic Ether person been connected a teardrop successful caller months.

One origin that's been cited for bitcoin's terms ascension — going from nether $11,000 successful aboriginal October to over $61,000 arsenic of Friday — has been institutional adoption. Bitcoin, which accounts for much than fractional of the $2 trillion cryptocurrency market, deed an all-time precocious adjacent $65,000 connected Wednesday.

Two large Wall Street banks — Morgan Stanley and Goldman Sachs — are taking steps to provide wealthiness absorption clients exposure to bitcoin, and companies similar Tesla person bought the integer coin utilizing currency connected their equilibrium sheets. The electric-vehicle shaper besides began accepting bitcoin arsenic payment for its products.

Billionaire Rick Caruso's existent property steadfast besides recently invested successful bitcoin and volition statesman allowing tenants astatine its residential and retail properties to wage rent utilizing the world's largest cryptocurrency by marketplace value.

Asked by CNBC's Deirdre Bosa whether Airbnb has immoderate plans related to crypto adoption, Chesky said helium did not "have thing to denote close now. But I tin archer you that we've been surely looking astatine this."

Chesky spoke fondly of bitcoin, though, arsenic good arsenic the relation that Armstrong's Coinbase has played successful gathering a crypto speech focused connected security.

"I deliberation 1 of the lessons present is erstwhile you springiness powerfulness to people, it provides much economical empowerment and much access," Chesky said. "But successful bid to get much powerfulness to people, radical person to beryllium capable to spot each other."

Bitcoin and different cryptocurrencies are underpinned by blockchain technology, a decentralized integer ledger connected which transactions are recorded. Proponents expect blockchain adoption to turn successful the coming years, with immoderate radical comparing its disruptive imaginable to beryllium akin to the early days of the internet.

"Obviously, cryptocurrencies person their ain strategy of trust. Airbnb, our strategy of spot based connected our estimation system, I deliberation has been capable to unlock a batch of economics," Chesky said. "So I deliberation these wide trends of unlocking systems of spot that let much radical to enactment successful the system is simply a immense boon to the planetary economy."

Shares of Coinbase roseate astir 5% Friday to astir $340 per share, astir $12 supra wherever it closed its debut league 2 days ago. Coinbase's marketplace headdress sits astatine astir $67 billion.

Since closing up 112% successful its IPO debut precocious past year, shares of Airbnb person gained astir 20%. The banal traded astir $177 connected Friday, giving Airbnb a marketplace headdress implicit $106 billion.