Coinbase CEO Brian Armstrong says crypto companies could be the tech giants of tomorrow as on-chain becomes the present-day equivalent of the internet.
In the company’s Q3 earnings call, Armstrong says that blockchain and crypto are now transforming people’s lives just as the internet did about two decades ago.
“On-chain is the new online. The Internet was and is a game-changing technology that redefined our modes of communication, business and social interaction. It broke down barriers, democratized access to information, and made knowledge universally accessible.
Blockchain and crypto are doing the same thing today with a re-decentralization of the web and the introduction of a new building block: ownership. Instead of just reading and writing on the traditional Internet, on-chain, you can now read, write and own.
On-chain is about digital assets, broader access to financial services, and even changes how we think about identity, governance, artwork and non-financial services.”
The executive shares his optimism as Coinbase brought in a total revenue of $674.15 million during the third quarter of 2023, up over 14% from the same period last year.
The number also exceeded financial analysts’ expectations. Coinbase’s Q3 revenue is 2.67% higher than the consensus estimate of $656.61 million.
Although Armstrong believes that the future of crypto is promising, he notes that regulatory clarity in the US is still a big hurdle.
“So we’ve certainly been very focused on getting clarity in the US. I do think it’s a major issue that’s holding back the US right now.
And although we’ve been able to make great progress in other countries in terms of licensing in the meantime and with our derivatives licensure in the US, we still need to get more clarity.”
As of Friday, Coinbase’s stock COIN is trading at $85.80, up over 12% since the start of the month.
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