Coinbase CEO: We Plan To Be The New York Stock Exchange Of Crypto Securities
Coinbase is one of the largest and most reputable companies in the crypto space. A new report from TechCrunch, however, suggests that Coinbase has even broader ambitions: Coinbase wants to become the New York Stock Exchange of the crypto industry.
In a report from San Francisco’s TechCrunch Disrupt this past week, TechCrunch describes the vision Coinbase has laid out for the future. Founded in 2012, the San Francisco crypto giant has risen to become a leader in the space. TechCrunch sat down with Coinbase CEO Brian Armstrong to determine where the company is heading next.
Coinbase is the world’s most popular exchange for converting fiat currency into cryptocurrency. It’s also one of the world’s most popular crypto gateways. IF you’re looking for a safe, easy, and regulated way to transfer your USD into cryptocurrency, then Coinbase is one of the best options – particularly for American traders.
Over time, Coinbase plans to host a growing number of cryptocurrencies. The company is famously selective over which tokens get listed on the platform. Coinbase is so selective that even rumors that a coin is added to the platform will send the value of the coin skyrocketing. Today, Coinbase only trades five different cryptocurrencies, including BTC, BCH, ETH, ETC, LTC.
CEO Brian Armstrong explains that in the future, the company foresees hosting a growing number of cryptocurrencies as it becomes standard for companies to create their own tokens. Companies could eventually release security tokens that run alongside equity as an alternative investment system, for example, allowing investors to hold legal shares of the company as easily as they would store a token.
“It makes sense that any company out there who has a cap table…should have their own token,”
explains Armstrong in his on-stage interview with TechCrunch.
“Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens.”
As these companies launch their own tokens, Coinbase wants to,
“be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies.”
In other words, Coinbase wants to be the world’s number one on-ramp for entering the crypto industry and buying cryptoassets.
Coinbase Could Host “Hundreds” Or Even “Millions” Of Tokens In The Future
As mentioned above, Coinbase today hosts only five different tokens on its main exchange platform.
In the future, however, Coinbase could rapidly grow its offerings. Armstrong hinted at the possibility of adding “hundreds” of tokens to the exchange in the coming years.
Armstrong also added that we could see “millions” of tokens added to the exchange in the future.
Coinbase Discusses Regulation
A big trend at TechCrunch Disrupt this week has been regulation in the crypto community. Some presenters have been outwardly hostile towards the SEC, claiming they’re “f***ing” the crypto industry in the United States.
What does Coinbase CEO Brian Armstrong think of regulation in the crypto industry? Is it in a good spot – or could it use some work? Armstrong addressed this question by referring to securities:
“We do feel a substantial subset of these tokens will be securities. Our approach has always been to be the most trusted [exchange] and the easiest to use. So we want to be the legal compliant place where you can start to trade these tokens that are classified as securities.”
Obviously, Coinbase is a testament to the fact that crypto startups can make it in America. The company is worth over $1 billion and is actively hiring – all while being based in the United States. Coinbase is refuting the notion that crypto startups can only survive in Malta, Switzerland, Singapore, and other crypto-friendly jurisdictions.
Web 3.0 Will Be Fueled By Cryptocurrency
Armstrong also brought up another interesting point. The first versions of the internet were about transferring information and interacting with each other. The next version of the internet will be about transferring value – and crypto will be the tool that fuels web 3.0:
“Web 1.0 was about publishing information, web 2.0 was about interaction and web 3.0 is going to be about value transfer on the internet because now the web has this native currency and so applications can be built that instantly tap into this global economy on the internet.”
Armstrong concluded his interview with a bold prediction. He believes that the crypto ecosystem can reach one billion people worldwide within the next five years. Today, around 40 million people are involved with the crypto ecosystem. That’s a bold prediction – but Coinbase is the bold company that can make it happen.