‘Crypto is the Greatest Tool in Increasing Global Economic Freedom,’ says Coinbase CEO. During the Earnings Call for the Third Quarter of 2023
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Onchain Paradigm: Changing the Course of the Internet’s Legacy
Coinbase’s Co-Founder and CEO, Brian Armstrong, began the Q3 2023 conference call with a bold pronouncement, claiming that ‘onchain’ is ready to become the new standard for online engagement, much way the Internet did decades ago. He contended that blockchain and cryptocurrency are reflecting this disruption, emphasizing a return to a decentralized web. By extending the concept of ownership into the digital environment, this new era extends on the core capacities to read and write online.
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Crypto is Democratizing Access
Armstrong emphasized the democratizing impact of cryptocurrencies, arguing that it provides individuals with equitable chances regardless of their economic or geographical limits. He praised cryptocurrency as a driving force in creating a society with less reliance on intermediaries, boosting faster transactions, and assuring greater security for digital assets and identity.
Economic Liberty and the Coinbase Vision
Armstrong dubbed cryptocurrency the ultimate weapon for advancing global economic freedom, highlighting Coinbase’s trust in its revolutionary power. Drawing comparisons to the early days of the Internet, he sees today’s onchain businesses as tomorrow’s tech titans, with Coinbase at the fore.
Q3 financial resilience and innovation
On the financial front, Armstrong reported a happy third quarter, the third consecutive term of positive adjusted EBITDA and exceeding original forecasts. He credited the company’s strong financial health and ability to innovate despite market conditions to disciplined operations and cost control, as well as attractive financing rates.
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Increasing Global Presence and Regulatory Engagements
Coinbase started in three key markets in its quest for global expansion: Brazil, Singapore, and Canada. These strategic shifts necessitate substantial preparation, such as hiring local leaders and forming alliances with authorities and payment networks. Coinbase strengthened its regulatory engagement by obtaining critical licenses and registrations, most notably in Singapore and Spain, demonstrating its dedication to compliance and client service.
Milestone in Derivatives
Armstrong emphasized the importance of derivatives in Coinbase’s portfolio. Coinbase provided perpetual futures to qualifying consumers outside and within the United States, with regulatory approval from the Bermuda Monetary Authority and the National Futures Association. He stressed the significance of dependable platforms for trading sophisticated, leveraged items, establishing Coinbase as a credible organization in this space.
Onchain Developments and Layer 2 Innovations
In terms of technological advancements, Armstrong highlighted Base, Coinbase’s Layer 2 solution designed to overcome the constraints of Layer 1 networks. He contrasted the change from Layer 1 to Layer 2 to the switch from dial-up to broadband, which improved transaction efficiency and speed. Base’s mainnet debut inspired the ‘Onchain Summer’ effort, resulting in tremendous participation and asset accumulation on the network.
Promoting Regulatory Clarity
The CEO also mentioned the critical need for regulatory clarity, particularly in the United States, to encourage crypto adoption. He emphasized Coinbase’s proactive approach to legislative development and the larger regulatory movement. With crypto regulations gaining popularity around the world, Armstrong praised Europe’s MiCA legislation as a model, announcing Coinbase’s decision to locate its headquarters in Ireland in reaction to this legislative milestone.
Unfazed Vision In the Midst of Market Volatility
Despite the market collapse, Armstrong emphasized Coinbase’s fiscal soundness and the company’s successive positive adjusted EBITDA results. As a competitive advantage, he cited the company’s reputable brand, user-friendly products, and commitment to trust, security, and compliance. He envisioned a future where compliant enterprises like Coinbase support a new financial ecosystem and beyond, reaffirming his belief in onchain’s promise.
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