Impacto

Indique Coinbase, a leading cryptocurrency exchange, recently discussed the role of payments in the crypto industry and its plans for the future in the company’s earnings call on Thursday.

Coinbase CEO Says Blockchain and Crypto Are Redefining Payments

Coinbase CEO Says Blockchain and Crypto Are Redefining Payments

Coinbase, a leading cryptocurrency exchange, recently discussed the role of payments in the crypto industry and its plans for the future in the company’s earnings call on Thursday (Nov. 2). 

Coinbase Co-Founder and CEO Brian Armstrong compared the impact of blockchain and crypto to that of the internet, stating that they are redefining communication, business and social interaction. He emphasized that crypto creates a level playing field with robust and transparent systems, lower fees, faster transactions, and greater control over digital assets and identity.

Armstrong also highlighted the importance of regulatory clarity, particularly in the United States. Coinbase is involved in U.S. legislation, supporting bills that aim to provide clear rules and embrace innovation. 

Alesia Haas, CFO of Coinbase, discussed the company’s Q3 results for the quarter ending Sept. 30. Coinbase has also expanded internationally, obtaining licenses in new markets such as Brazil, Singapore and Canada. 

One of Coinbase’s areas of focus is the introduction of derivatives products. Armstrong said that the global derivatives market for crypto represents 75% of all trading volume, presenting a significant opportunity for Coinbase. They have obtained regulatory approval to offer derivatives products to both non-U.S. retail customers and eligible U.S. customers. 

Coinbase has also launched its Layer 2 solution called Base. This solution is built on top of Layer 1 networks to make transactions faster, more efficient and less costly. Base enables developers to use the full power of Layer 2 networks within the Coinbase ecosystem. The platform has seen rapid growth, with over $500 million in assets and over 10 million NFTs minted. 

In terms of financial performance, Coinbase beat estimates for third-quarter revenue, with total revenue reaching $674.1 million, according to Reuters. However, trading volumes declined for the second quarter in a row, coming in at $11 billion compared to $26 billion a year earlier. This decline in trading volumes may be attributed to lukewarm investor sentiment toward cryptocurrencies this year following high-profile collapses and outflows from the sector.

Fuente: Pymnts.com