Coinage CEO Pankewitz Says Crypto Community Should Leave Bitcoin Behind
Coinage CEO Pankewitz Urges Crypto Community To Leave Bitcoin Behind For New Ventures
The cryptocurrency has made amazing strides in the last decade as they’ve advanced in their technology, speed, transparency, and more. However, there is one thing that has remained the same – the reliance on their value comparing to Bitcoin.
Recently, Coinage launched their own mobile-friendly crypto exchange. With this announcement, CEO Chad Pankewitz has some ideas of his own about the crypto industry as a whole. In a statement to Venture Beat, he said,
“From a long-term perspective, we want to take a stand; and the first steps toward moving the market away from being tied to Bitcoin. There are thousands of projects in cryptocurrency, distributed apps, blockchain use cases, and smart contract platforms across every industry vertical. Each has their own project, company, team, utility, levels of funding, traction, community; and business model. We believe these companies valuations should not be tied to Bitcoin and should be valued on their individual merits much like a traditional stock market.”
Since Bitcoin was literally the start of the crypto world, and is necessary to the blockchain ecosystem, it is surprising to hear a crypto advocate and CEO of a platform to have this opinion. However, he already has thought through exactly what this would mean. In his interview, he highlights the ease of use with USD, rather than making an exchange with a portion of a Bitcoin token. His goal seems to be the idea of making transactions fast and simple, but without strange exchange rates.
There is still much more to this switch. The Coinage platform needs other variables to change as well, like adding stability on one side of these trades and exchanges to reduce risk and expand products. This alternative approach almost seems as if they are trying to push out other platforms, though Pankewitz says,
“We think there will be room for several large crypto financial companies in the market. Yes, Coinbase will be a competitor, but globally there are many opportunities for several companies to offer a range of financial products for both Main Street and Wall Street.”
Some critics expect that Coinage is taking this approach because of their mobile platform, which can skew their view of the crypto world as a whole. Though they have no plans to make this exchange available in a web version, they have other products in the works that consumers will soon see come to fruition.