Skype co-founder reveals he holds wealth in Bitcoin and Ethereum

Skype co-founder reveals he holds wealth in Bitcoin and Ethereum


Estonian engineer Jaan Tallinn, one of the founders of Skype, said he kept most of his personal fortune in cryptocurrency, according to an article published by Fortune on Friday.

Skype co-founder makes investments with Bitcoin and Ethereum

Since Skype was sold to eBay in 2005 for about $ 2.6 billion, Tallinn has not launched any new ventures but has invested heavily. One was London-based company Faculty AI, which has received digital assets from Tallinn on at least two occasions, focusing on machine learning systems.

Tallinn's investment firm Metaplanet Holdings has backed faculty in the past and holds about 9% of its shares, while the Skype co-founder also gifted the British firm thousands of dollars in cryptocurrency, according to the report. In January 2018, Tallinn gave faculty 350 Ethereum (ETH) (worth about $ 434,000 at the time and roughly $ 160,000 today).

Over million dollar cryptocurrency investment

In March 2020, the engineer presented 50 Bitcoins (BTC). That was worth about $ 316,000, according to faculty's public financial filings, but topped $ 810,000 during the last rally.

The engineer said it's much easier to invest this way because he already holds most of his personal funds in crypto. Selling cryptocurrencies in cash would result in capital gains tax and reduce the amount of money Tallinn could give to faculty.

”Our accountants should have gone and found someone else working on how to do accounting for crypto, " said Marc Warner, founder and CEO of faculty." said.

Since then, the company has sold Ethereum worth about $ 144,000 in 2019-2020 but has reportedly kept most of the cryptocurrency it received from Tallinn. While Ethereum is far from its highs in late 2017 to early 2018, Bitcoin's price is returning to that territory.

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