Cryptocurrency

Coinbase focuses to be the NYSE Cryptocurrencies

Coinbase

Coinbase, a digital currency exchange headquartered in San Francisco, California may flourish like New York Exchange in the days to come as said by Brian Armstrong, Founder and CEO of Coinbase in an interview at TechCrunch Disrupt.

The company is well known for its exchange especially for converting fiat currency into crypto with largest traded exchanges like crypto to crypto in place. However, in the future Coinbase is expected to play host to an increased number of cryptocurrencies that want to launch their own token runs side by side equity as an alternative investment vehicle.

According to Brian Armstrong, he said “It makes sense that any company out there who has a cap table… should have their own token. 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.”

He further added that “We want 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.”

Besides this, the tokenized economy could see Coinbase hosting numerous tokens going forward and the numbers are expected to increase by leaps and bounds as said by Armstrong.

At present, the five supportive cryptocurrencies leveraged by the company will leave large financial institutions like NYSE, NASDAQ behind. However, for making it a reality will require the stiff regulations that govern the entire system more fairly and transparently. Others that are in the same space claimed that there should have a proper governing system in place in order for the cryptocurrencies to scale up globally.

As per the official source of Coinbase, they have started adding security tokens in its portfolio by acquiring securities dealer. With this, the company commented that “We do feel a substantial subset of these tokens will be securities.”

Additionally, the company said in a statement that “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.”

Amidst all these, Armstrong profusely said in his statement that “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.”

When asked ‘How international can crypto become? Armstrong replied that the number of the crypto community will be increasing in the next five years. The present number stands around 40 million.

Armstrong further added that “Coinbase could host hundreds of tokens within “years” and potentially “millions” in the future.”

Besides existing trading activities of Bitcoin (BTC) in place, Coinbase official announced yesterday that it will introduce trading of four additional cryptocurrencies for the U.K. Pound Sterling (GBP) through which British customers can trade altcoins like Ethereum, Ethereum Classic, Litecoin, Bitcoin Cash for GBP.

Let us not forget that Coinbase has started streamlining its activities that add value to the stakeholders involved in the entire process!!

About the author

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a.
You can also mail him at [email protected] to discuss anything related to his reports.

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