In a recent report, the chief executive officer of Coinbase exchange, Brian Armstrong, stated that cryptocurrency is a great tool that aids an increase in economic freedom globally. He pointed out his assertion during the recently concluded 2023 third-quarter earnings call.
According to the report, Brian Armstrong opened his speech at the 2023 Q3 earning call with a strong remark, claiming that on-chain is positioned to dominate the core of online interaction, just like the internet took over the communication and business worlds some years ago.
The CEO pointed out that crypto and blockchain are leading the new era, ensuring a shift from a centralized to a decentralized web. In his argument, he stated that the new revolution expands the primary function of writing and reading online via incorporating the unique concept of ownership into the virtual space.
Armstrong Calls Crypto A Huge Financial Freedom Tool
Furthermore, Armstrong highlighted the ability of cryptocurrency to democratize power, claiming that it provides equal opportunities to users irrespective of their geographical or economic status. In addition, the Coinbase CEO applauded crypto, considering it a great financial tool that can create a world with decreased dependency on third parties, facilitating seamless and faster transactions while maintaining top-notch security for digital assets and ownership records.
Additionally, the CEO asserted that his firm, Coinbase exchange, strongly believes in cryptocurrency’s transformative power, deeming it a powerful tool to spread economic freedom globally. Referencing the early years of internet dominance, he expected the on-chain concept to become the tech titan in the near future, stating Coinbase exchange as one of the leaders of the technological vanguard. During the earning call, Brian Armstrong revealed the positive results of the third quarter of 2023, labeling it a the third concurrent term of significantly increased EBITDA, transcending beyond former expectations.
Coinbase Opens Branches In Key Areas
The CEO applauded Coinbase’s solid financial health as well as the proficiency to innovate despite the discouraging market conditions, crediting their well-organized operations, minimal interest rates, and effective cost management. Furthermore, he revealed that in alignment with its goals, Coinbase opened branches in three key markets, namely Canada, Brazil, and Singapore.
Armstrong said the firm took strategic actions, such as employing local leaders and collaborating with payment networks and regulators in the regions, to ensure extensive groundwork. To further bolster its compliance commitment level and improve its customer services, the exchange has reportedly acquired necessary licenses and registered with appropriate authorities, particularly in Spain and Singapore.
In addition, he pointed out the importance of crypto derivatives in the portfolio of Coinbase. He said the exchange has launched its perpetual futures, which are accessible to customers in and out of the US, after approval from the National Futures Association and the Bermuda Monetary Authority. More so, he emphasized the significance of having trusted and reputable platforms, such as Coinbase exchange, that enable sophisticated trading and leveraged products.
Coinbase Calls For Global Movement For Crypto Regulatory
Remarking on the growth of technology, the CEO highlighted that Base, the Layer 2 Solution deployed by Coinbase exchange, was created to solve the problems faced by Layer 1 networks. He likened the migration from Layer 1 to Layer 2 network to a transition from dial-up to broadband, which offers speedy and efficient transactions. Furthermore, he stated that the Onchain Summer scheme was inspired by the Base mainnet launched previously. The scheme reportedly increased the engagement and asset collection in the exchange significantly.
During his speech, Brian Armstrong emphasized the urgent need for a clear and comprehensive crypto regulation framework in order to facilitate the industry’s growth, particularly in the US. He revealed that Coinbase has a proactive stance, calling for a global movement for regulation. The CEO applauded the European authorities’ MiCa regulation, considering it a sample that other countries should emulate. And in response to the EU’s regulatory progress, Coinbase has chosen Ireland as its center, according to CEO Armstrong.
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