Cryptocurrency trading platform Coinbase Global has just released its first quarterly report as a public company. This report shows a boom in business with increasing public interest around investing in cryptocurrencies.
Although there is currently a lot of speculation around cryptocurrencies and the many offerings, crypto is a volatile asset. Last month Coinbase shares alone fell 38% from their peak price in mid-April along with the decline in bitcoin prices.
Coinbase Chief Financial Officer Alesia Haas talked about matters related to cryptocurrency.
He mentioned that usually crypto investors have the most interest in bitcoin. However, other crypto assets traded on Coinbase also saw an increase in trading volume.
“Usually, the first coin that people are interested in is bitcoin. Other crypto assets on the platform are experiencing an increase in volume in assets trading on our platform, so we think over time more and more users are involved with more and more crypto assets and that’s what we love to see,” he said, quoted on Friday (14/5/2021).
In terms of regulations, Haas said that his company was run in accordance with existing regulations, because the existence of regulations would foster market confidence.
“We are pleased to partner with regulators. So, we want an equal level playing field and we embrace regulation. We think this is beneficial to our business and not a burden,” he explained.
Elon Musk’s Effect
He also commented on the reversal of the direction of bitcoin prices after the Elon Musk effect and volatility in crypto assets. Haas said that crypto will survive. He considered crypto to be a long-term investment.
“It’s a long-term investment. We believe that we are just starting to get crypto potential, but it could be a bumpy ride and we can see the days that go up and down as we have seen in the past,” he explained.
From the other side, he thinks Dogecoin is the decision of investors, considering that Coinbase is only a trading platform. However, it will strive to provide all existing assets and meet the listing standards on Coinbase.
“That’s not the problem today. We are slow. Thus, we need to add more assets. We are making big investments to increase the speed at which our assets are added, but what is clear, the market is talking,” he explained.
“Now that we see most of the fintechs and big financial services players starting to accept crypto, this shows that the crypto era has arrived and has become mainstream and will survive and continue to grow,” he said.