Nets Star Kevin Durant Cashes in Big on Early Coinbase Investment
Cryptocurrency is taking over the business world.
Plain and simple.
Coinbase Global is one of the more popular crypto platforms in the word and on Wednesday it became the most valuable platform for U.S. financial exchange, ending the day trading at $328.28, valuing the company at nearly $86 million on a diluted basis according to Weston Blasi of Market Watch.
How is this related to the NBA?
Well, Brooklyn Nets star Kevin Durant has developed quite the savvy for business in recent years. In fact, the former league MVP was one of Coinbase’s early investors. Through his investment company Thirty Five Ventures, Durant alongside his business partner Rich Kleiman invested in Coinbase back in 2017. Since 2017, the valuation has grown 53 times as high as when Durant first invested in the platform.
For perspective, a $1 million investment in Coinbase back in 2017 would be worth over $53 million today.
A round of applause is definitely deserving for one Kevin Durant.