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Coinbase CEO Brian Armstrong announced that the company does not plan to pursue a banking license, citing that the introduction of Bitcoin ETFs and funds have not cannibalized their core business. Armstrong highlighted the positive impact of Bitcoin ETFs, mentioning a $12b net inflow into these funds, which has been beneficial for Coinbase, as it has led to an increase in trading volumes. Despite the surge in Bitcoin's value in late February causing a strain on Coinbase's trading infrastructure, Armstrong acknowledged the need for increased investment in this area. He emphasized that the company's focus remains on being at the forefront of the cryptocurrency paradigm shift, rather than adopting traditional banking models like fractional reserve banking.
- ETF bought in $12b net inflow - incredibly positive for @Coinbase as trading volumes are up in spot - ETF not cannibalizing trading revenue. - coinbase not pursuing bank license because factional reserve is not the goal - coinbase is at the center of this new paradigm shift https://t.co/9lMZFmRjCi
UPDATE: COINBASE CEO ADMITS TRADING INFRASTRUCTURE STRAIN - @Coinbase CEO Brian Armstrong acknowledges the need for increased investment in trading infrastructure after users faced difficulties during Bitcoin's surge in late February. - Armstrong cited a larger-than-anticipated… https://t.co/cAt4aNQAh6 https://t.co/rfOoRkp19b
Coinbase CEO Brian Armstrong says that the approval of Bitcoin ETFs have been good for business https://t.co/qOMqAQbKWf https://t.co/SEvxT4GYee
