Coinbase CEO and founder, Brian Armstrong, believes blockchain technology and cryptocurrency have outgrown their initial use case. In a recent Bloomberg interview, Armstrong stated that initially, cryptocurrency assets were created as a new form of digital currency. But now, more use cases have started coming up.
More Than A Financial Asset
Cryptocurrencies have become more than just a financial asset; they have also become a new financial service type. The emergence of DeFi and other similar platforms has allowed for borrowing, lending, staking, and commerce payments, among other things.
Armstrong also notes that the third realm of cryptocurrency is the decentralized social and application platform, which he refers to as Web3. This new type of cryptocurrency offers users more than just financial services.
Armstrong is particularly excited about the decentralized identity frameworks, which allow for digital identifiers and verifiable credentials to be owned by users rather than big tech companies. This would enable people to have identities that can be used in social networks, official profile pages, and other applications that have nothing to do with financial services.
According to Armstrong, over half of Coinbase users have started carrying out other activities on Coinbase beyond trading crypto. Hence, he disagrees with the idea that cryptocurrency is all speculation.
Armstrong’s optimism about the future of cryptocurrency and blockchain technology stems from the technology’s ability to transform financial services, create new applications, and revolutionize social media. As the use cases for cryptocurrency continue to evolve, Armstrong predicts that the technology will become even more ubiquitous in our daily lives.
Customer Sues Coinbase Following Reimbursement Failure
Meanwhile, Coinbase Inc. is facing a lawsuit from a customer alleging that the exchange has refused to reimburse him for the $96K he lost following a hacking incident. As stated in a filing by the District Court based in the United States, Jared Ferguson lost 90% of all his savings when his smartphone was exploited through his wallet on Coinbase.
Ferguson contacted Coinbase and was asked to provide details regarding their device security, a record of unauthorized transactions, and the most recent authorized transaction. However, after 14 days, Coinbase informed the plaintiff they could not assist.
The plaintiff alleges that the exchange violated various laws by failing to pay him for the lost money.
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