Coinbase CEO, Brian Amstrong, believes that the only way is up for the cryptocurrency industry. One of the world’s biggest exchanges wants to be right there providing support to the “millions” of new tokens that the future may bring.
September looks like it is shaping up to be a busy month for San Francisco-based Coinbase. It is one of the biggest exchanges out there and its team has a strong ambition to be even bigger. The platform is expanding its operations to Ireland and will soon be opening a Center of Excellence in Dublin. To show just how serious they are, they have hired more staff to increase their complement to 500. They also have a range of job openings on their site.
The team also added four GBP–cryptocurrency trading pairs for their customers in the UK. In addition, Coinbase reportedly voiced their interest in exploring the possibility of adding a Bitcoin ETF to their investment offerings.
Coinbase to Be a Part of the Industry’s Rapid Expansion
Now, according to TechCrunch, the platform has its eye on the prize when it comes to the future of cryptocurrencies. Currently, members can use their fiat currency to buy five types of crypto on the exchange – Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. However, if Brian Amstrong has his way, this number could increase dramatically. The Coinbase CEO 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. 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.
Armstrong believes that this could lead to the development of “millions” of tokens in the future. Many in the industry, however, have warned that clear regulations first need to be developed and adopted. Armstrong agrees that there is uncertainty regarding whether or not these future tokens will be viewed as securities. He added:
We do feel a substantial subset of these tokens will be securities. 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.
Coinbase already has permission from US Securities and Exchange Commission (SEC) to list tokens that have been recognized as securities.
A Force to Be Reckoned With
Armstrong also chatted about the evolution of the Internet and how cryptocurrencies can be a big part of its future:
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.
In addition, the Coinbase CEO believes that the current number of approximately 40 million crypto users could increase to one billion within five years. If so, the platform sounds as if it could have all of the capabilities and the capacity required to service the masses.
In fact, if the crypto future is as bright as Armstrong predicts, the platform would be bigger than one of its famous investors – the New York Stock Exchange.
However, as a famous uncle once said, with great power comes great responsibility. In the case of Coinbase, they will probably reflect on mistakes gone by and come up with a strategic plan to ensure that history doesn’t repeat itself.
Do you think Armstrong is right when it comes to the future of cryptocurrencies? Let us know in the comments below!
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