Brian Armstrong, CEO of crypto exchange Coinbase (Nasdaq: COIN), responded Monday on social media platform X to commentary crediting Coinbase with steering the cryptocurrency industry through difficult regulatory challenges.
Coinbase (NASDAQ:COIN) CEO Brian Armstrong took to X, formerly known as Twitter, on Monday to urge companies to join the cryptocurrency industry as it experiences explosive growth.
This comment came in response to a user who credited Coinbase for steering the cryptocurrency industry through difficult legal and policy challenges. The commenter added that while Coinbase’s actions had ultimately benefited the entire sector, they would likely bring more competition to the exchange. This, they suggested, would likely harm Coinbase’s market share even as the overall industry matured and scaled with more institutional engagement.
“I think you’re wrong on the market. I would much rather have every legitimate company now coming into crypto. This will 100x the TAM as crypto becomes the backbone of the entire global financial system, from capital mkts, to payments, to debt, etc.,” Armstrong argued.
He added that Coinbase’s leadership would remain intact despite the entrance of new competitors.
“Coinbase will continue to lead as the primary financial account for anyone in crypto - with the most trusted and easiest to use products, and deep crypto expertise as it’s been our only focus since the beginning. We’ll be ready to serve anyone who wants to participate in this financial revolution, which is no small feat given the scale of the opportunity (to update the global financial system). The water is warm, everyone should come in! This is the only way we’ll update the global financial system, providing true individual liberty and sovereignty for all.”
The original commentary recognized Coinbase’s efforts in navigating the legal landscape, stating: “It’s. Perhaps it's a good time to highlight just how much Coinbase has done for the industry in the last 4 years from a legal and policy perspective is often under-appreciated. Especially since the fruits of this labor, though profoundly beneficial to the entire space, will likely hurt COIN in the market.”
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