surojit
Business

The switch of a Google executive to Coinbase in 2020 is valued at $646 million

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After three years at Alphabet Inc.’s Google, Chatterjee joined Coinbase in February.

Surojit Chatterjee was named chief product manager at Coinbase Global, the largest cryptocurrency exchange in the United States, in February 2020. After its first volatile day of trading in New York on Wednesday, the former Google executive’s Coinbase stake is estimated to be worth about $180.8 million ( 1,500 crore) in just 15 months. According to Diginews.Live, he will also earn $465.5 million in stock options over the next five years, which are currently worth Rs 3,500 crore.

Chatterjee, an IIT Kharagpur BSc graduate, joins Coinbase co-founders Brian Armstrong and Fred Ehrsam as big winners of the company’s Nasdaq Inc. debut. According to the Bloomberg Billionaires Index, their combined stakes are worth more than $16 billion.

Coinbase’s stock opened at $381, valuing the company at nearly $100 billion. The price climbed to nearly $430 before falling to $328.28. The company went public at a time when Bitcoin and Ethereum, which accounted for the majority of its 2020 trading volume, are trading near all-time highs. This year, the price of bitcoin has more than doubled to about $64,000.

Immediate Equity
After three years at Alphabet Inc.’s Google, where he led the company’s shopping site during his second stint at the search engine, Chatterjee joined Coinbase in February. Before joining Google, he oversaw product and distribution for mobile search ads and AdSense, as well as a brief stint at Flipkart, an Indian e-commerce platform. Armstrong liked what he saw at the Bangalore-based business.

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


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