Once a decentralized crypto derivative, Coinbase, which recently became NASDAQ listed entity, reveals that in the future it wants to be like “Amazon” for the global crypto marketplace. It says that it has a plan according to which it would like to list every legal and authentic virtual asset and currencies on its crypto platform. The firm highlighted two key elements of its future strategy which would ensure the significant expansion of Coinbase’s crypto services.
Since Coinbase has transformed from a decentralized crypto trading firm into a NASDAQ listed entity, its business is expanding rapidly. Recently, on the 10th of August, 2021, the firm has made public its earnings report for the year’s second quarter. Brian Armstrong, the CEO of Coinbase, has said that throughout its history, Coinbase has been doing business on a long-term basis. He said that from day one the firm is interested in the trends which are mostly long-term. He then highlighted two major aspects which helped the firm to evolve with the time.
He described firstly that cryptocurrencies have earned the confidence of the global public. Now the crypto industry has grown into a multi-trillion dollar industry with users exceeding into billions. Most importantly all of them become more affluent with cryptocurrencies, said Armstrong. He also revealed that the current customer base of Coinbase is spreading over multi-millions. He said that out of its customers, about 1.7 million are those individuals which have been staking crypto.
The second key element he described to be the transformation of Binance into a fully centralized crypto trading firm. Armstrong commented that when Coinbase decided to embrace the decentralized structure, it wanted to become something like “Amazon”. He said that now the firm’s primary objective is to become a one-window shop for every cryptocurrency as well as a virtual asset. However, their focus would be upon the adoption of those virtual assets which are legal and authentic. He reiterated that the firm wants to be on top of the crypto industry till the end. The journey of Coinbase is not temporary or for a limited timeframe. So only those platforms survive which work in accordance with the law, rules, and regulations.
Armstrong suggested that currently there are more than a thousand virtual assets and currencies. However, with the passage of time, he believes that there are going to be millions of virtual products. He also commented that Coinbase gives utmost priority to the regulations it has to fulfill. He opined that before integrating any virtual asset at the platform, they pre-determine an asset’s cybersecurity and its legal structure. If an asset passes its pre-defined compliance test, only then such an asset is offered at Coinbase’s crypto trade platform.
He was obvious of the fact that if Coinbase continues to work on these strategies, Coinbase’s future would be like that of Amazon.