Crypto Billionaire Brian Armstrong Explains Why Coinbase Is Different From Rest of Industry Amid Surging Fear
Coinbase CEO Brian Armstrong is getting down to quell investor fears as crypto exchanges see huge outflows after rival agency FTX filed for chapter.
In a collection of tweets, the top of the biggest US-based crypto trade explains why Coinbase is completely different from different companies within the trade.
“Plenty of concern on the market within the markets. It’s essential folks keep in mind how completely different Coinbase is in moments like this:
1/ Primarily based within the US
2/ Buyer property backed 1:1 (as proven in our public firm financials.
3/ Effectively capitalized with $5 billion steadiness sheet (as proven in our final 10Q).”
Crypto traders are withdrawing their property from exchanges amid fears of shedding their funds after FTX, one of many trade’s largest companies turned bancrupt. The implosion of the Bahamian agency additionally resulted in crypto exchanges dealing with elevated scrutiny over their funds, prompting Coinbase in addition to different main platforms, together with Kraken and Binance, to publish their proof of reserves.
In a newly-released transparency report, Coinbase reveals that between the fourth quarter of 2021 and the third quarter of this yr, the variety of requests it obtained from legislation enforcement and authorities businesses elevated by 66%. Greater than 95% of those requests are associated to prison enforcement and fewer than 5% are civil or administrative in nature.
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