Skype's creator and investor Jaan Tallinn donated hundreds of thousands of dollars in cryptocurrency to the British artificial intelligence company Faculty, because he keeps his personal money in that currency.
According to Tallinn, converting the currency would be unnecessarily expensive and would have reduced the amount of the donation, writes the publication Sifted, which reflects the life of start-up companies.
Since eBay bought Skype in 2005 and paid around $2.6 billion, Tallinn has not started any new businesses but has invested in several.
One of them Is Faculty AI, a London-based firm concentrated on machine-learning operations, which got digital assets from Tallinn at least two times.
While Tallinn’s investment business Metaplanet Holdings backed Faculty in the past and has around 9% of its shares, the Skype co-founder also gave a present the UK company thousands of dollars in cryptocurrency according to a report. Tallinn gave Faculty 350 Ethereum (ETH) (value nearly $434,000 at the time and about $160,000 today) in January 2018.
The creator followed up with a 50 Bitcoin (BTC) present in March 2020—which value was about $316,000, according to Faculty’s open financial filings, but has grown to over $810,000 through the late Bitcoin rally.
Since Tallinn keeps most of his individual funds in crypto anyway, he said the outlet, it was much more simple to invest that way. Trading the coins for cash would have acquired capital gains tax and decreased the sum of money Tallinn was capable to give to Faculty.
The transfer showed to be much more difficult for the UK company itself in the end cause regular bookkeeping is not solely up to speed with the fast-developing world of digital assets.
“Our accountants had to go and find someone else who was working on crypto and how to do accounting for crypto,” said Faculty’s CEO and founder Marc Warner to the outlet.
The firm has sold nearly $144,000 since then, worth of Ethereum in 2019–2020 but reportedly kept onto most of the crypto it got from Tallinn.
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