By Coinbase Inc.’s Chief Executive Officer (CEO), Brian Armstrong, reported during an interview with Bloomberg, that they expect that 5 billion people will be interacting with cryptocurrencies within the next five years. At present, estimates indicate that approximately 4 million people are using cryptocurrencies such as Bitcoin and Ethereum.
Coinbase Inc. is renowned for being a platform from which cryptocurrencies such as Bitcoin can be traded. Coinbase Inc, is world-famous, as it is the largest cryptocurrency trading platform in the world, with an excess of 9 million users across 30 different countries.
Coinbase is presently registering an upper bound of 50 000 new customers on a daily basis. However, Coinbase has experienced some difficulty with its customer support given the influx of new users. Coinbase is focused on building safe, secure and reliable products that are user-friendly for amateurs.
Coinbase has assisted investors to trade over 150 billion dollars-worth of cryptocurrencies per annum. Coinbase functions as an online wallet, which enables investors to buy and sell Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ethereum Classic.
According to Armstrong in an interview with Tech Crunch, he stated that commercial organizations that were developing tokens with each rising day would result in the number of people adopting digital currencies to grow enormously.
The interplay between the Coinbase Vision and Regulation
According to Armstrong, it is exclusively sensible for a company to create its own token. He continued by explaining that most of the open source projects, charity organizations, and other funds would embrace decentralization, which would assist in creating a token that will improve and optimize function.
Regulation is a crucial aspect for consideration in order to achieve Armstrong’s vision for Coinbase. It is uncertain that governments will recognize tokens as securities. In the future, the Coinbase platform could list hundreds of tokens within the next few years and even add millions more in the future. Coinbase has, however, managed to build relationships with various governing and regulatory bodies.
Coinbase implements Know Your Customer (KYC) and Anti Money Laundering practices (AML) to maintain international financial standards. This policy means that Coinbase users are not able to remain completely anonymous, as personal details are disclosed. However, Coinbase is able to keep all credentials secure, yet available should it be requested. This may be counterintuitive as each transaction uses a new Bitcoin address that prevents observers from linking the transaction to an account. However, Coinbase still saves all of this information internally, which gives them the ability to control all payments made on their platform.
The Strategic Securing of Companies for Coinbase
Keystone Capital was one of the more recent companies secured by Coinbase. Keystone Capital has joined Venovate Marketplace and Digital Wealth, which positions Coinbase optimally for crypto security trading. The acquisitions of these companies are strategic, as more tokens become securities and they are able to improve its users’ trading experience. Ultimately, the acquisitions could help Coinbase deal with non-crypto financial items.
Coinbase has recently publicised that it is going to launch more trading pairs in the UK, to enable investors to use the Sterling Pound to trade. UK investors can now use the pound to trade Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic, in addition to Bitcoin. Coinbase appears to have ambitions to globalize its services as a trading platform.
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