Joseph Lubin: Ethereum's Co-Founder & Key Strategist
On the first day of 2014, fifty-year-old Joseph Lubin, a private recording studio owner, met 19-year-old crypto enthusiast Vitalik Buterin in Jamaica. Buterin had recently left university. This encounter led Lubin to become a co-founder of Ethereum, establish Consensys, and amass a fortune in dollars.
Joseph Lubin was born and raised in Toronto, Canada, where Buterin, at the age of six, arrived with his parents from Kolomna, Russia. Lubin pursued studies in electrical engineering and computer science at the prestigious Princeton University. Notably, his university roommate was Michael Novogratz, now a billionaire and a major crypto investor with Galaxy Digital.
Post-university, Lubin's career spanned robotics, participation in a crypto payment network project, hedge fund creation, a directorship at the New York office of Austrian Blacksmith Software Consulting, and a vice-presidency at Goldman Sachs. Foreseeing the 2008 financial crisis, he attempted to safeguard his assets by purchasing a farm in South America. As the global financial markets plunged, Lubin eventually settled in Kingston, Jamaica, where he founded a modest recording studio. Around 2011, Lubin discovered Satoshi Nakamoto, became intrigued by blockchain technology, and started investing in bitcoins.
Joe Lubin's fateful discussion with Buterin, in which Buterin shared his concept of creating a digital currency, global payment system, and Ethereum applications, aligned perfectly with Lubin's education, career path, and personal interests. In 2014, Lubin founded Consensys, which is now a globally recognized full-cycle blockchain company and a prominent developer and advocate of decentralized applications in the Ethereum community.
“With Lubin’s background in both tech and business, he quickly emerged as a key strategist and took the title of chief operating officer of the entity that would bring Buterin’s vision to fruition. After that, things moved fast,” states the Consensys team.
It's worth noting that opinions on Lubin's initiatives have been mixed. Four years after establishing Consensys, Forbes labeled Joe's endeavors as a “mess.” However, just months later, the magazine ranked him among the world's wealthiest crypto businessmen, estimating his fortune at no less than $1 billion. Wall Street's faith in Lubin is evident, with major traditional finance players like JPMorgan, UBS, and Mastercard investing in Consensys.
Bitcoin presented the broad strokes vision. Ethereum presented the crystallization of how to deliver that vision,Joe Lubin remarked.
Today, Lubin's company has executed over fifty projects, developing both elements of the Ethereum network and various platforms and applications for external clients. Consensys also conducts security audits for fifty more clients. The company prides itself on creating the Enterprise Ethereum Alliance — an organization aimed at standardizing Ethereum-based business applications. The EEA unites an elite global business consortium, including Deloitte, Ernst & Young, Intel, JPMorgan, Microsoft, Pfizer, and other major players (about five hundred companies in total).
Entrepreneurs and technologists are pouring into the ecosystem to build out the decentralized world wide web, Web 3.0. Once you’ve seen the profound implications of blockchain, you can’t unsee it. Each new wave of the hype cycle will bring larger and larger cohorts of builders and users. For these people, there is no turning back,Lubin believes.
An additional point of interest is Consensys's atypical office structure. Rather than a traditional hierarchy, the company operates with a highly decentralized management system, comprising self-organizing groups of specialists who collaborate on diverse projects and tasks. Here, individuals have the autonomy to select their own roles. The senior management depends on agreements with employees and their commitment to shared objectives. “The company structure is inspired by Lubin’s utopian ideals,” state insiders at Consensys.