Coinbase’s Brian Armstrong Explains The Difference Between His Exchange And The Others

It’s been just reported that the CEO of Coinbase, Brian Armstrong is addressing some elements that are making his exchange different compared to other troubled ones from the crypto industry. Check out the latest reports here.

Coinbase CEO Brian Armstrong is setting out to quell investor fears as crypto exchanges see massive outflows after rival firm FTX filed for bankruptcy.

He took to Twitter to explain why Coinbase is different from other firms in the industry.

“Lots of fear out there in the markets. It’s important people remember how different Coinbase is in moments like this:

1/ Based in the US

2/ Customer assets backed 1:1 (as shown in our public company financials.

3/ Well capitalized with $5 billion balance sheet (as shown in our last 10Q).”

It’s been just revealed that the US crypto exchange Coinbase urges its users to use the stablecoin of Circle – USDC instead of Tether’s USDT. Check out the latest reports below.

Coinbase started to massively push the adoption of USDC in a bid to increase user adoption amid declining market share.

Labeling it a “trusted and reputable” asset in a blog post on Thursday, the exchange said it is waiving fees for global retail customers to convert USDT to USDC.

Fiat-backed stablecoins which have the value pegged to the US dollar, allow users to dip in and out of the digital asset market during times of high volatility.

Events in recent weeks have put some stablecoins to the test, and market participants are fleeing for safety, the exchange said.

According to the online publication Blockworks, the implosion of crypto exchange FTX sent investors reeling last month from an already fragile market plagued with contagion and liquidity woes resulting from a collapse of major lenders in May. Stay tuned for more news from the crypto space.