Coinbase: Customers making money is very important to crypto-exchanges, says CEO Brian Armstrong

Proponents of the cryptocurrency market have always been at the forefront of breaking the latest updates in the universe, through live streams and direct Ask Me Anything [AMA] sessions. The latest luminary to speak up is Brian Armstrong, CEO of Coinbase, who touched upon the different streams of revenue and Coinbase’s new avenues.

Armstrong stated that Coinbase believed in a system where both the company and the customers benefited. In his words,

“Just imagine a version of Coinbase out there purely focused on trading and that’s it. The system will be like the more you trade, the more money we make which is not something that we do. There really is a dark side to this hypothetical system as the customers actually lose money which is not our aim. The investors who buy and hold the assets and conduct long term trades are the ones that actually make money in this system.”

The Coinbase CEO asserted that he wanted Coinbase to conduct business in a fashion that boosts not only the world’s economy, but the cryptoverse’s as well. He also touched on the topic of taxes in the cryptocurrency space, but refrained from elaborating on it owing to legal concerns. Armstrong also responded to another user’s question about Coinbase’s entry into Canada. The Coinbase spearhead stated,

“We have always focused on adding more assets to our platform and expanding to more countries. The thing with Canada is that we had issues with the partner so we were forced to pull back and rethink our strategy. Fingers crossed, but we are planning for Canada soon.”

Brian Armstrong was in the news recently after he claimed that Bitcoin and other cryptocurrencies needed institutional investors to grow and mature. He even sided with the argument that having trusted custodians in the cryptoverse was “really important” to restore positive sentiment.

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