Coinbase CEO and co-founder Brian Armstrong believes that it could emerge as the next version of the stock market, in likes of the New York Stock Exchange within years, as reported by TechCrunch on 7th September.
Armstrong was one of the speakers at TechCrunch Disrupt hosted in San Francisco from 4th September to 7th September. During an interview on stage, he shared his views about several companies launching their own tokens along with the standard equity system; resulting in a spike in the number of cryptocurrencies that Coinbase would list.
“Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens,” shared Armstrong. When this happens, Armstrong’s vision for Coinbase is to “be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies.”
To be the bridge, Coinbase would have to host hundreds of coins in the coming years and it could exponentially rise up to “millions” in the future, as mentioned by Armstrong. This is a big leap in its vision, given that Coinbase currently supports just five cryptocurrencies, with the fifth addition in August 2018.
However, Armstrong stated that such a thing would only be possible with clarity on the regulatory front, as there exists “a big open question” about how many of the new tokens would be traded as securities. “Our approach has always been to be the most trusted [exchange] and the easiest to use. So we want to be the legal compliant place where you can start to trade these tokens that are classified as securities,” he added.
Founded in 2012, Coinbase is one of the top 15 digital asset exchanges in the world in terms of adjusted trade volume, as per data available on Coinmarketcap. The US-based cryptocurrency exchange is valued at more than $1 billion and has been on a hiring spree lately.