Tim Draper said his decision not to back Coinbase at the outset was driven by his view of crypto adoption timing, not by any doubts about Brian Armstrong. The Draper Associates founder said he believed it would take much longer for retail users to adopt crypto, which led him to pass on the company in its earliest stage. He also said he had already invested in early Bitcoin company Coinlab at the time, another reason he did not invest in Coinbase initially.
Draper added that his son, Adam Draper, disagreed with that call and wrote the first check to Brian Armstrong. Tim Draper later joined Coinbase’s next financing round. He said Coinbase, which was founded by Brian Armstrong and Fred Ehrsam and later listed on Nasdaq under the ticker COIN, has become one of the signature investments in Draper Associates Fund V. According to Draper, returns from Coinbase alone nearly doubled the overall size of that fund.
Tim Draper, founder of Draper Associates, said he did not invest in Coinbase at the beginning because he believed retail adoption of crypto would take much longer to arrive, not because he doubted Coinbase co-founder and CEO Brian Armstrong.
Draper said he had already invested in early Bitcoin company Coinlab at the time, which was why he initially stayed out of Coinbase. He added that his son, Adam Draper, disagreed with that view and wrote the first check to Brian Armstrong.
Draper joined a later Coinbase round
Tim Draper said he later took part in Coinbase’s next financing round. Coinbase was later founded and built by Brian Armstrong and Fred Ehrsam into a crypto platform, and the company eventually went public on Nasdaq under the ticker COIN.
Coinbase became a standout Fund V investment
Draper said Coinbase has become one of the signature investments in Draper Associates Fund V. Returns from Coinbase alone have nearly doubled the overall size of the fund, according to his account.
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