The CEO of Coinbase, Brian Armstrong, is in the latest digital currency news because of a letter that he sent to Coinbase employees in which he accents the scaling of Coinbase in order to meet the demand of the market and serve the customers.
After having the best quarter so far, Coinbase launched several products over the Q4 of 2018 and introduced big features such as instant PayPal withdrawals, Coinbase Earn (a modified version of Earn.com) as well as the secure migration of over $5 billion to an improvised cold storage solution.
The CEO of Coinbase proudly commented all of this in an open letter but also addressed that the company is listening and adapting to the needs and assets that the customers have come to demand.
As an excerpt from the letter reads:
“Our goal is to maintain the trusted experience our customers have come to expect while adding the assets our customers have come to demand. This quarter, we added more assets than in our entire prior history as a company, and expanded our services to more people in different countries. […]
I continue to be so impressed by the ability of this team to execute on aggressive timelines, all while solving problems that have never been solved before. This was a year of scaling Coinbase up to meet the demand of the market and efficiently executing to serve our customers.”
Overall, Coinbase has experienced major growth over the past year, with some impressive rollouts over the past quarter. The exchange also procured a license under the New York State Banking Law which allows it to operate as a qualified custodian.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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