Coinbase Says Banking Crisis Pushes Crypto Ahead

Coinbase just revealed that the banking crisis in the US is pushing crypto ahead. Check out the latest reports about this below.

A top Coinbase researcher thinks the recent US banking crisis reinforces the value of blockchain and cryptocurrency technology.

David Duong, the head of institutional research at Coinbase, said in a recent analysis that crypto has “exhibited resilience” as some traditional banks faltered.

“Overall, we believe the medium to long-term outlook for cryptocurrencies has been reinforced to the upside.”

The same notes continued and revealed the following:

“The technology behind open trustless blockchains and transparent smart contracts stands in stark contrast to the poor risk management practices that led to the turmoil witnessed in the US banking sector this week. That supports the fundamental arguments in favor of digital assets as an alternative and solution to the points of failure witnessed in the existing financial system.”

Duong acknowledges that crypto businesses could be in for difficulties in the short term “due to the loss of some fiat payment rails.”

It’s been just revealed the fact that the largest US crypto exchange platform by volume is reportedly developing an overseas trading platform in response to a domestic crackdown on crypto assets.

According to a new report from Bloomberg, anonymous sources familiar with the matter say that Coinbase is considering whether to launch a foreign trading platform as US regulators tighten their control over the crypto industry, as the online publication the Daily Hodl notes.

“The sources say that Coinbase is currently discussing the possibility of setting up an alternative trading network for global customers that would be separate from its main marketplace with its institutional clients,” the same publication noted.

Stay tuned for more news and make sure to check out the latest on the crypto prices.