Coinbase CEO Brian Armstrong Addresses Crypto Space

Coinbase is making headlines again these days following an exchange loss. Check out the latest reports below.

It’s been just revealed that the crypto exchange Coinbase is struggling as a result of the bear market. The CEO, Brian Armstrong, says they’re built for the long term.

During an earnings call on Wednesday, Armstrong says that the industry is going through one of those difficult periods in the crypto cycle.

“The narrative in crypto tends to flip every two years. It’s either irrational exuberance or despair. Neither one is true at any given time, but we’re in one of those despair phases right now.”

Accoridng to the reports revealed by the online publication the Daily Hodl it seems that Coinbase’s fourth quarter and full-year 2022 report to shareholders shows that “the biggest US-based crypto exchange lost $2.64 billion last year. In 2021, the firm posted a net income of $3.62 billion.”

It’s also worth noting the fact that despite the dismal numbers, Armstrong says that the current environment could even be beneficial for crypto-focused companies like Coinbase.

He also made sure to say the fact that beyond the noise and negativity, good things are happening in the crypto space.

“There’s an opportunity for builders who are focused in this space like Coinbase.

You can’t just look at what happened in the last year or the last quarter.”

We suggest that you check out the complete original article in order to learn more details. 

Earlier today, we revealed the fact that Coinbase, which is one of the largest centralized crypto exchanges in the world, is adding Circle’s euro-pegged stablecoin (EUROC) to its token roster.

According to the latest reports coming from the online pubcalition Blockworks, EUROC is a stablecoin issued by Circle pegged one-to-one to the euro through overcollateralized euro-backed reserves. Check out our previous article in order to learn more details.