Brian Armstrong, the CEO, and Co-Founder of Coinbase, one of the biggest cryptocurrency exchange platform, stated that the company is neither a tech nor a finance company but a cryptocurrency company.
The CEO of Coinbase said that the question of the company’s nature was brought up by an employee of the platform during a meeting with the team. Brian continued to say that the company aspects is a combination of both tech and finance.
The tech side of the exchange platform includes the engineering and product-led culture. This includes the advantages of a tech-based company like free meals, kombucha on top, and more. Currently, Coinbase recruits from ‘many of the best tech companies.’
The finance side of the exchange platform includes robust compliance and legal teams. The company ‘interacts’ with governments and regulatory bodies on a regular basis. The CEO also stated that the company is expanding its base to New York and London which according to him are ‘world’s financial centers.’
Brian further stated that Coinbase will always be a combination of both tech and finance. Although if they are ‘forced’ to chose one, then they would brand themselves as a tech company. The reason as stated by Brian is:
“The reason is simple: technology is driving a ton of innovation and growth in the world today. When you think of the organizations that have changed the world in the last 20 years, how many are finance companies? We’ll succeed against established players entering our space by being tech first.”
He further added that ‘ultimately’ Coinbase is neither a technological nor a financial company. He said:
“We are something different and new: a crypto company”
This is because Coinbase is ‘not satisfied’ with the drawbacks which are present in both the industries. Brian states that although the company does not want to ‘outrun’ the risk-tolerant companies by being conservative. They will not ‘move fast’ and ‘break things’. He considers moving fast and breaking things does not work for companies which handle ‘people’s money’.
Moreover, in a series of tweets, the CEO of Coinbase spoke about the exchange platform’s mission. The mission is to create an open-financial system which would provide opportunities for everyone to participate. The key doorway to achieving this mission is by ‘helping’ more people step into the cryptocurrency space.
They will be introducing cryptocurrency to more people by building a payment system which would ease the transaction between cryptocurrency to fiat currency. He stated that there are already several companies which are building decentralized products, cryptocurrency-to-cryptocurrency exchanges and applications including Coinbase products such as Coinbase Pro, Coinbase wallet, Coinbase Prime, Custody and more.
“All of these are accelerated if people can get their local currencies more easily into crypto. Once you can convert between local currency and crypto, the full opportunity of the decentralization web is open to you”
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