The head of the largest crypto exchange in the United States shares his thoughts on the present and future of the industry.
In a new interview with Crypto World on CNBC, Coinbase CEO Brian Armstrong Tells Kate Rooney added that he believes Big Tech companies like BlackRock and Meta will all participate in the next phase of the crypto-backed internet.
“We want every company in the world to integrate into cryptocurrency. Just like saying we want every company to have an online presence or to use the internet in some way. Even if it’s not an internet company, they will have a homepage or maybe get new customers via Internet or accept payments.
Encryption is the same way. I think Big Tech will have a role to play there. We’re seeing companies like BlackRock, the largest asset manager out there, now merge with Coinbase. Meta was another great example.
He showed me that we can really win not only a large segment of retail customers, but we can also win deals with the biggest companies in the world like Coinbase. This bodes really well for our future.”
When it comes to the crypto winter that has crippled the industry since late last year, the tech entrepreneur hopes to see a turn around sometime before mid-2023.
“Obviously we’re in a downhill cycle, but that’s not weird for us. We’ve been through four cycles like this as a company, and we’re only 10 years old.
This only happens to coincide with the broader macro environment that goes down. We all hope 12, 18 months pass and [then a] Nice recovery, but you obviously have to plan longer than that. We’re not trying to be too nice about predicting the future.”
Armstrong adds that Coinbase is still focusing on its long-term goals rather than fluctuations on the price charts.
“We have this saying internally that I like to repeat often, and it’s ‘It’s never as good as it seems. It’s never as bad as it seems.
I think one of the reasons Coinbase has been so successful over the past 10 years is that we try not to focus on short-term ups and downs. We just zoomed out and thought, ‘Five, 10 years from now, will more people use crypto? Possibly. Will the Internet be distributed more widely? Possibly. Will there be more e-commerce and more digital payments?’
These are all long-term trends. If we don’t get distracted and keep building great products, we’ll do well for the next five or 10 years.”
“[Staking is] Important in terms of making these blockchains more scalable as well. We are seeing that Ethereum is getting closer and closer to Merge, which is upgrading to Ethereum 2.0, and this will be a good step in the upgrade journey. [and] Get more scalability from Ethereum.
We also see this with other blockchains. The Lightning Network has been really great in going in this direction. We see good things with the second layer solutions [like] Polygon, arbitration and optimism. Solana has done really well in scaling as well, so across the board, good progress in staking.”
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