Coinbase CEO: Cryptocurrencies are the future of money

Author: Coinbase CEO Brian Armstrong; Compiled by: Songxue, Golden Finance

Cryptocurrency will not just exist - it is the future of money. The industry has ended the illegal practices that hindered its progress; compliant growth has arrived. After a massive market correction, thecryptocurrency has grown in value by 90% this year, with trading volumes rising by 60% in the fourth quarter. Globally, 425 million people own the industry, and 83% of G20 countries and major financial centers have enacted or are in the process of enacting rules to create certainty for the industry. With this scale and momentum, innovation will keep growing. The U.S. Securities and Exchange Commission’s approval of a spot Bitcoin ETF could spur new growth in the cryptocurrency as an asset class. But as the use of cryptocurrency continues to grow, so does its utility—from an asset class to driving necessary updates to a century-old financial system.

Every day, more and more consumers have grown up with the Internet and want to move money with speed, reach, and autonomy that traditional financial institutions and even the online payment systems based on these institutions cannot provide. They also want to move money cheaply without the need for powerful institutions to restrict their access and charge high fees and interest rates. Today,in the United States, half or more of key consumers and voters are actively seeking alternatives to the current system, including 52% of adults ages 18-40, six in 10 Black Americans, and nearly half ( 47%) of Hispanics. Cryptocurrencies are helping to create a more open and global system.

• Around the world, over 100,000 merchants and payment channels themselves accept cryptocurrency payments , including PayPal and Visa. Reasons include: lower fees, higher speeds, and acquiring new customers.

• In 2022, the amount of stablecoin transfers on the global chain will be close to US$9 trillion, exceeding the combined total of Mastercard, American Express and Discover. Stablecoins help currencies like the U.S. dollar exist in digital form. They are faster, more affordable, and more accessible than fiat currencies, yet just as stable and secure. For everyday users, they offer the benefits of cash without the drawbacks. In countries with unstable governments and currencies, they provide citizens with secure cross-border transactions.

• Countries with lower economic freedom, such as Argentina, Brazil, and Nigeria, have among the highest cryptocurrency payment usage and wealth shares (and the largest population in the world) one of the largest countries).

• Workers living abroad use cryptocurrencies to send money. About one in nine people worldwide depends on them. Cryptocurrency transfers are on average 96% cheaper than other transfers and can be completed in just 10 minutes instead of taking up to 10 days.

• Global financial centers such as London, Switzerland, Hong Kong and Singapore are transforming themselves into cryptocurrency hubs to capture the job opportunities and benefits of a more open, global system. Talent.

Cryptocurrencies give people economic freedom, ensuring they have access to their own funds and participate fairly in an economy that is not constrained by powerful traditional institutions – enabling people to build, create and own own assets. Coinbase’s mission is to increase economic freedom for more than 1 billion people. As the use of cryptocurrency grows, we are focused on building the most trustworthy, compliant products and services, supporting other developers, and making cryptocurrency accessible in the U.S. and around the world through fair rules Benefits:

• Coinbase Wallet is changing the way you send money globally, making it free for anyone , send money to anywhere in the world with instant settlement. There are no fees and no need to wait for funds to be available.

• Base is a decentralized, open L2 incubated by Coinbase that is laying a new foundation for our goal: complete payments in one second and cost less than one Split the money and enable anyone, anywhere to build incredible on-chain applications.

• Our new international exchange, offering spot and perpetual futures trading, is becoming a cornerstone of the global cryptocurrency ecosystem by staying true to our commitment to trust, security and ease of use. to redefine industry standards.

• Our “broad and deep” international expansion strategy is accelerating cryptocurrency adoption around the world. We have recently secured licenses or expanded in key markets such as Canada, Spain and Bermuda, and established Ireland as the location of our EU MiCA entity.

Coinbase is building an arena of clear rules, partnerships, and trusted products and infrastructure to support innovation today and into the future, from the financial system updates currently underway to the next chapter of cryptocurrency— —When 1 billion people around the world use cryptocurrency-based decentralized services, cloud services and commerce, it shows that on-chain is the new way to go online.

Coinbase chose to become a listed company in the United States because of our commitment to the market, compliance and transparency. For America in particular, our mission is more important than ever, given the threats to the American Dream and the democratic values ​​that this country stands for. The two can coexist only when economic freedom exists. We believe the United States will finally get cryptocurrency right. At the same time, we will continue to work with other countries that are moving forward and embracing the next chapter of cryptocurrency to promote a more global, open financial system. Cryptocurrencies and Coinbase are just getting started.