Tim Draper Reveals He Nearly Passed on Coinbase Investment

• Tim Draper almost missed Coinbase entirely before joining during a later funding round.
• Adam Draper wrote Armstrong his first cheque after his father, Tim Draper, passed on it.
• Coinbase returns alone nearly doubled the entire Draper Associates Fund V value.

Venture capital legend Tim Draper has revealed that he nearly passed entirely on Coinbase, one of the most successful bets in his fund’s history, and that it was his son Adam who made the first call correctly.

In a post on X, Draper recalled the moment Brian Armstrong walked into his office. He liked Armstrong immediately, but had already invested in a competing project called CoinLab, so he held back. He also convinced himself that retail crypto adoption was too far away to justify the bet.

Adam Draper disagreed. He wrote Armstrong his first cheque. His father followed shortly after, joining the next funding…

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