The recently concluded Vanity Fair New Establishment Summit was a success having brought together well-known figures to share a thing or two about different subjects. Different speakers were invited on stage, and with the hosts, they held talks about the crypto sector and their companies.
The latter led to Brian Armstrong Coinbase CEO discussing more his company giving the attendees a glimpse history of the company. Armstrong was on stage with William D. Cohan. Their conversation started with Armstrong describing how Coinbase began with the signing of deals in coffee shops but later went deeper into where Coinbase is heading.
However, besides just talking about Coinbase, Armstrong also expressed his views about the crypto sector as a whole. He said,
“Cryptocurrencies are curving out a new economy, and the latter process is causing disruptions in several financial services by replacing the brick and motor systems in place. However, I wouldn’t want to see people get caught up in the hype. Ideally, the market will stabilize as speculations decrease, and cryptocurrencies’ contribution to the GDP would be significant.”
Armstrong went further to point out that the crypto sector has huge bubbles surrounding its existence, but its technology is much more linear, and that’s where Coinbase has been focusing on.
To Remain Afloat, Coinbase Focused on the Technology behind Crypto.
Although launched in 2012, as Coinbase co-founder/CEO, Armstrong saw the need to focus on leveraging the technology to generate revenue but also make profits. Due to his resilience and hard work as Coinbase head, over the years, Coinbase has generated $2 billion in profits from transaction fees.
However, many would say there haven’t seen these profits, but from the talk, we gather Armstrong and his team plowed back their profits into the firm to make more products. Armstrong explained further saying;
“I think of Coinbase as an anti-unicorn unicorn. I want Coinbase to be a firm that runs on repeatable innovations.”
However, as he stirs Coinbase into making cryptocurrencies accepted and used widely, Armstrong is displeased by the negativity surrounding the launch of Libra. According to Armstrong, US lawmaker’s view of Libra as a coin that would jeopardize the privacy of users is uncalled for.
He believes Libra is a coin that will help provide financial services to all the unbanked and underbanked people in the society. So instead of pushing it out, Armstrong believes the US should embrace it.