Some cryptocurrencies are scams, says Coinbase CEO Brian Armstrong
Coinbase is one of the largest cryptocurrency exchanges in the world but that didn’t stop its CEO and co-founder, Brian Armstrong, from speaking about a bitter truth. ‘Some cryptocurrencies are scams,’ he said in an interview with Bloomberg.
The California-based crypto firm has only five virtual currencies listed on its platform currently. The reason for it is most cryptocurrencies are new and possess higher risk, Brian stated.
He said some of the cryptocurrencies are scams, which is the reason the crypto trading firm curates carefully. The company wants to become the most trusted in terms of security and compliance.
He said: “So that means that we are not trying to list everything under the sun, especially as new consumers come in the space and try to understand what they should and shouldn’t buy. It’s kind of like not every company can get listed on the New York Stock Exchange. There is a minimum requirement before you go public.”
Brian Armstrong also said the exchange is like the New York Stock Exchange [NYSE] and Nasdaq for cryptocurrencies.
He drew this parallel about one of the world’s largest exchange during an interview with Bloomberg.
Brian also spoke about the products of Coinbase exchange. He said he was inspired to host a Bitcoin [BTC] wallet from Gmail. It was the exchange’s first product.
“So going on from that, we now have a number of products. Another one which we launched is an exchange. It’s kind of like, you know if Coinbase is the…Fidelity of crypto, you know, our exchange is like the New York Stock Exchange or like NASDAQ in crypto. So we did about $150 billion on crypto-trading on that exchange in the last year and now we have other products coming out as well.”
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