Coinbase’s success depends on our long-term vision; according to Brian Armstrong.
Brian Armstrong, CEO of Coinbase, believes that focusing on innovation rather than short-term market conditions will drive the exchange’s success over the next 5-10 years. Although the company is currently embroiled in numerous complaints, its vision is to become the world’s most trusted crypto exchange through compliance, Armstrong said.
Despite many retail traders choosing to ‘hodl’ and dwindling trading revenue, the company has strengthened its balance sheet through subscription and services income that made up 18% of its revenue last quarter, a figure Armstrong hopes will hit 50%. Armstrong said its staking service is doing well without disclosing numbers. The company currently has just over $6 billion on its balance sheet, with several mergers and acquisitions underway. The company claims to be committed to reducing marketing, external vendor, and cloud-provider costs, which could see less splurged for pricey Super Bowl airtime when the NFL season kicks off after the famous QR code advertisement at last year’s event. According to Armstrong, Coinbase advertising will continue to be ubiquitous through other channels.
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