Coinbase generated almost $2 billion in trading fees since the launch of the company in 2012. Let’s see more in the Coinbase news today.
The CEO Brian Armstrong explained at Vanity Fair’s New Establishment Summit that the company is doing well over the years and he also told Vanity Fair that the technology has always been the major focus at Coinbase which is the reason why the company remained profitable. He added:
‘’Coinbase has been profitable since 2017 and has generated close to $2 billion in trading commissions since the company launched back in 2012. Most of these profits we’re plowing back into the business to create new products. I sort of think of us as the anti-unicorn unicorn […] I want Coinbase to be a company of repeatable innovation.”
Armstrong also noted that he does not know why the regulators’ reactions to the planned launch of Facebook’s Libra were extremely negative in the United States and he said that he would really like to see the US embracing the area of innovation by adding:
“There are a lot of people who are unbanked in the world, who are underbanked […] My hope is the U.S. embraces this kind of innovation, even if it comes from a company like Facebook that they’re not necessarily very happy with.”
Coinbase generated its profit despite being of the 21 remaining companies that are a part of the Libra Association which has been under scrutiny by lawmakers across the world for its potential to threaten the user privacy and regulatory rules. Libra lost more than seven high-profile participants including eBay, Visa, and Mastercard. Later, more companies decided to leave the crypto project and now its future is uncertain with all the regulatory and media scrutiny around it.
Armstrong previously criticized the US senators for asking Visa and Mastercard to leave the Libra Association and after the payment giants were apparently pressured into leaving by the US Senators Brian Schatz and Sherrod Brown. He noted that they can even be responsible for future of the project and he even said:
“Something feels very un-American about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra.”
Coinbase UK Branch Starts Providing Support For Cosmos
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US Bank Blocked Coinbase CEO’s Payment, Crypto Fixed It
"Trying to send money to pay back a friend. Paypal tells me "recipient is unable to receive money" and SquareCash tells me my bank declined the payment. This is in the U.S. where these services work best. Imagine rest of the world." https://twitter.com/brian_armstrong/status/1227678692425359360Armstrong pictured how a US bank blocked his payment and how he is facing these difficulties in the US, the world's largest and most developed economy. He also pointed out that residents of smaller and less economically developed nations would face even larger obstacles than he had. Armstrong also elaborated on the take, explaining that the US bank blocked him and that the regulatory restrictions are often to blame for lackluster customer experiences, as the companies themselves must comply with new regulations and often have their hands tied. While the crypto news show that alternatives are still very early and have similar problems with UX, Armstrong believes that the crypto payments will be the payments alternative which "just works" in the future.
"Crypto has it’s own (numerous) UX challenges of course. But by building on new underlying infrastructure there is an opportunity to make things better, and finally have payments that “just work” as he noted.The Ripple-backed remittances service Moneygram also offered Armstrong a promotional code in an effort to shill their services to his Twitter audience. It is unclear whether Armstrong took them up on the offer. He also went on to mention that as the US bank blocked his payments, there is plenty of space for innovators to introduce groundbreaking new alternatives in regulated markets.
"There is a lot of opportunity to launch products in regulated markets though. It is so much harder to be innovative, so most entrepreneurs shy away from it," he noted in the Coinbase news today.
Coinbase Claims BTC Will Become Closer To Digital Gold In 3 Months
“Armed with a myriad of technological advantages, accelerating development, and maturing global market, Bitcoin is a store of value to rival gold in the digital age.”What's also important to note is that the supply of Bitcoin is limited by design. There are new tokens being minted as a reward every time a block of transactions is mined. The initial reward is 50 BTC per block and has already undergone two halving events, bringing it down to the current 12.5 BTC per block.
“Gold’s stock to flow is higher than any other metal commodity, and bitcoin is set to soon follow,” Coinbase claims.Right now, there are numerous forecasts about the upcoming price of Bitcoin. If there is no demand, BTC may not reach the digital gold standard we are all hoping for. And as central banks increase the money supply, economies can prosper. However, if the money supply overwhelms demand, then we can see major hyperinflation events. Today's market news show that Bitcoin (BTC) is stable above $9,800.
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