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Coinbase CEO Affirms He’s Made Many Benefits from Crypto

Coinbase CEO Affirms He’s Made Many Benefits from Crypto
Coinbase CEO Affirms He’s Made Many Benefits from Crypto

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Coinbase’s share price has fallen 84% since its peak of $381 on its registration day last April. Still, leader Brian Armstrong maintains that making it public has benefited the virtual currency company.

Up on the stage at Messari’s Mainnet convention in New York last week, Armstrong informed Messari Chairman Ryan Selkis that making it public had already placed them on the big stage, where they’re allowed to sign contracts with BlackRock or businesses like Meta.

Armstrong stated that before making Coinbase public, he discussed the advantages and disadvantages with many CEOs who’d already decided to remain private. However, another advantage of going public was the capacity to raise money immediately at attractive interest rates, according to Armstrong, who cited Coinbase as earning $3M in debt a year ago in 7 days without attending a single discussion.

To be genuine, he believes that some criticism is ineffective. It’s just individuals trying to force their narratives or attempting anti-tech favoritism pieces that ought to be branded as opinion articles but aren’t.

However, negative publicity is the smallest of Coinbase’s problems. The SEC charged the interaction of mentioning unregistered bonds after the United States Justice Department suspected an ex-employee of market manipulation in August.

Armstrong recognizes that being traded publicly entails complying with burdensome regulations. But, due to its magnitude and notoriety, he perceives it as his obligation now, not only to construct Coinbase but to figure out how to serve as a winner for the entire sector and protect the entire industry.

Standing despite the backlash.

This reasoning prompted Coinbase to back up Tornado Cash consumers’ court case against the United States Treasury a few weeks ago.

In a Coinbase blog article, Armstrong compared penalizing open source programs to permanently closing down a road because thieves employed it to escape some crime scene. It isn’t the most effective method for resolving an issue. It wound up penalizing people who have done nothing incorrectly and reduces people’s security and confidentiality.

Notwithstanding the criticism, inquests, and negative media coverage, Armstrong asserts that what counts the most is expanding Coinbase’s product offering, client protection through KYC and AML policy initiatives, interacting with legislators and regulatory agencies, and assisting the sector.

Armstrong stated that they are only one of the businesses fueling this advancement. It pertains to the cryptocurrency world in general, rather than everything Coinbase is undertaking right now.

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