Coinbase CEO Brian Armstrong received $1.78 million to cover “personal security” expenses in FY2020 as the 38-year-old tech CEO  prepared to take the cryptocurrency exchange operator public.

Armstrong, who founded Coinbase in 2012, netted nearly $60 million in salary, stock options and "all other compensation" in FY2020, according to the crypto firm's newly-filed S-1, making him Coinbase's highest-paid executive.

While the lion's share of that sum – $56.6 million – came via option awards and an additional $1 million for his base salary, Armstrong also received $1.78 million to cover "costs related to personal security measures."

"We view personal security expenses for Mr. Armstrong as reasonable business expenses due to a bona fide business-oriented security concern and not the receipt of taxable personal benefits," the S-1 read. Armstrong appears to be the only Coinbase employee with such an arrangement.

Armstrong's compensation package for 2020 puts him ahead of JPMorgan Chase CEO Jamie Dimon ($31.5 million) and Apple CEO Tim Cook ($14.7 million) on the list of highly paid executives.

Joining Armstrong on Coinbase's list of highest-paid employees are Chief Product Officer Surojit Chatterjee ($15.8 million in 2020 compensation) and Chief Legal Officer Paul Grewal ($18 million in 2020). Chatterjee's and Grewal's packages also leaned heavily on stock and option awards.
to take the cryptocurrency exchange operator public.

Armstrong, who founded Coinbase in 2012, netted nearly $60 million in salary, stock options and "all other compensation" in FY2020, according to the crypto firm's newly-filed S-1, making him Coinbase's highest-paid executive.

While the lion's share of that sum – $56.6 million – came via option awards and an additional $1 million for his base salary, Armstrong also received $1.78 million to cover "costs related to personal security measures."

"We view personal security expenses for Mr. Armstrong as reasonable business expenses due to a bona fide business-oriented security concern and not the receipt of taxable personal benefits," the S-1 read. Armstrong appears to be the only Coinbase employee with such an arrangement.

Armstrong's compensation package for 2020 puts him ahead of JPMorgan Chase CEO Jamie Dimon ($31.5 million) and Apple CEO Tim Cook ($14.7 million) on the list of highly paid executives.

Joining Armstrong on Coinbase's list of highest-paid employees are Chief Product Officer Surojit Chatterjee ($15.8 million in 2020 compensation) and Chief Legal Officer Paul Grewal ($18 million in 2020). Chatterjee's and Grewal's packages also leaned heavily on stock and option awards.