Coinbase CEO highlights a need to renovate cryptocurrency before it will accept by people on a mass level. And there is a need to employ strict privacy measures to stop activities such as money laundering, and that’s why the company is offering blockchain analytics tools for this purpose.
Podcast: What Bitcoin Did
In the podcast “What Bitcoin Did” hosted by Peter McCormack, CEO of US-based crypto exchange Brian Armstrong stresses that Bitcoin still needs improvement just like the internet before it uses at a mass level.
“We have not taken any unnecessary risks with [Bitcoin], and we have ensured that it is going to probably survive the test of time as the gold standard, and we may find other solutions with scalability with layer two. I guess the other way to look at it is, ‘What would have happened if we had found a way to safely scale it?”
People want simplicity and usability in bitcoin, and so we have to make it easier. “And one of my big beliefs is we need to actually make it dramatically easier to use before it will get to a billion people. And I really want it to get to a billion people,” Coinbase co-founder added. “It is kind of like the internet – if you needed to understand IP addresses and DNS to even use the internet, probably not that many people would have. They needed to get it so simple where it is just like click a link on a web browser.”
Selling of Coinbase Analytical Tools
Recently, the crypto community criticized the company for selling analytical tools to the US departments. The Internet Revenue Service (IRS) and the Drug Enforcement Administration (DEA) also hinted at purchasing tools from Coinbase to investigate criminal cases related to cryptocurrency. Moreover, Armstrong claims that he is a staunch supporter of privacy.
He says that other blockchain companies are also selling out their analytical tools, and that’s what Coinbase is doing.
“So that’s what Coinbase Analytics is doing too. The reason we brought that in-house is that we always try to avoid sharing customer data with third parties.”