Coinbase CEO Engages in AMA Session, Answering Questions About User Profits and New Features
- Brian Armstrong, the CEO of Coinbase, spoke with the crypto community during an Ask Me Anything (AMA) session.
- Coinbase plans to launch a new automated feature for price updates.
If there is one thing to be said about people that invest in stocks, cryptocurrency, and other endeavors, it is that these investors want to make money. CEO Brian Armstrong of Coinbase recently saw how important that this is through an Ask Me Anything (AMA) session.
The conversation turned to the new revenue streams planned for Coinbase, during which time Armstrong spoke on the platform’s desire to create profitable opportunities for themselves and their customers.
As Armstrong described the efforts, he challenged others in the conversation to “imagine a version” of the platform that was centered solely on trading and nothing else. In this hypothetical situation, Armstrong said that the platform would make more money as customer trade more money, and that is not the setup that they want to arrange. Instead, the individuals that decided to make long-term trading moves are the ones that come away with the most money.
Coinbase exists to help consumers to increase their own profits, while improving the economy of the world as well. He spoke about the taxes that come in with the cryptocurrency industry, but did not speak on it in depth, due to legal concerns. However, to help customers make the profits that Coinbase prioritizes, a new feature will soon be rolled out to enhance the coin price alerts.
Right now, customers have to manually set alerts and choose the price they want to be notified for. However, the new notification feature will include Machine Learning (ML) technology. There will be push notifications to tell customers about changes in price and the market, which should make it easier for investors to turn the profit they hope for.
A user asked Armstrong about the entry that Coinbase is making into Canada. Responding, he said that that the company has always focused on adding other assets, which are announced fairly regularly.
In Canada, Coinbase had conflicts with the partner involved in the arrangements, so the strategy had to be changed. Even though the platform has not made it possible quite yet, they are hopeful that this collaboration will happen “soon.”
In the future, Coinbase is looking to integrate the Lightning Network, according to Armstrong, while adding blockchain technology to new use cases. He believes that the Lightning Network and other second-layer solutions are helpful to the industry, because it speeds up transactions and makes them more versatile. He adds that the “logistics” of using isn’t an “efficient move” at the moment, because it would come with great expense.
Large scale ups are rather difficult with a platform as big as Coinbase, but that doesn’t mean they are giving up. Armstrong elaborated that the integration would be worth the effort it would take, but that reliable software with the right scalability is crucial to making this implementation a reality.
Apart from the AMA session, Coinbase recently acquired the custodial side of Xapo, which is a custody provider in Hong Kong, for a deal of $50 million. The company also launched their USD Coin (USDC) as a stablecoin in 85 countries, with another 50 jurisdictions to be added.