Brian Armstrong, CEO of Coinbase: ETH ETF approval should be imminent
March 20, 2024 at 08:16 am EDT
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(MT Newswires) -- Coinbase CEO Brian Armstrong is leading an "Update the System" event to discuss with policymakers, including members of Congress, the various crypto-currency use cases that are on the rise. Armstrong refutes the idea that crypto-currency has no concrete use cases, saying it represents a new form of hard currency and digitises the dollar, making payments faster, cheaper and international.
He explains that Bitcoin ETFs have had a positive impact on Coinbase, with the company acting as custodian for the majority of the assets in these ETFs. This has generated revenue opportunities for Coinbase without impinging on its direct products. He also cites a $12 billion inflow of capital into ETFs.
Armstrong envisions Coinbase not only as an exchange for crypto-currencies, but also as a platform where users can trade, use and store crypto-currencies. He aspires for Coinbase to become the primary financial account for users in the new crypto-currency economy, acting as a kind of "crypto bank", while avoiding the fractional reserve model of traditional banks.
Armstrong acknowledges that Coinbase has experienced an increase in traffic that has exceeded their expectations, highlighting the need for further investment in their infrastructure to cope with growing demand.
On the issue of Ethereum ETFs, Armstrong believes that their approval should be immediate and that any delay would be unjustified, possibly even requiring legal intervention to force regulators to comply with the law.
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides platform, which enables its users to engage in a variety of activities, including discovering, trading, staking, storing, spending, earning and using their crypto assets. The Company offers a suite of products and services that are designed to meet the distinct needs of its three customer groups: consumers, which includes individual retail user customers seeking to discover or trade crypto assets and engage in on chain activities; institutions, which are businesses that include market makers, asset managers, hedge funds, banks, wealth platforms, registered investment advisors, payment platforms, and public and private corporations; developers, which comprise of developers, creators, merchants, crypto asset issuers, organizations and financial institutions, and other groups building decentralized protocols, applications, products, or other services on chain.