Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong explained how the company plans to turn its ongoing struggles in the current market into an “opportunity for growth.”
What Happened: In a series of tweets on Thursday, Armstrong laid out four factors that he believed would explain how Coinbase could still 'win' amid an environment of crypto market turmoil.
A number of people have asked me how Coinbase wins in this environment, and turns it into an opportunity for growth.
— Brian Armstrong - barmstrong.eth (@brian_armstrong) July 15, 2022
Here's my answer:
“Downturns make the best companies even stronger, and this one will be no exception for us,” stated Armstrong, highlighting that the company remained well capitalized.
The CEO also pointed to the crypto exchange’s integrated product suite, where users can trade, stake, and borrow cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
See Also: Coinbase Phasing Out 'Pro' Exchange: What You Need To Know
“With Coinbase One, you can do all your crypto activity with one flat fee,” he said.
Even with Coinbase Wallet, where we help you store your own funds, people trust us to build a wallet that won't lose their money.
— Brian Armstrong - barmstrong.eth (@brian_armstrong) July 15, 2022
Armstrong concluded by naming Coinbase’s “ease of use” as one of the reasons it would prevail despite the current circumstances.
With Coinbase, people can get the incredible utility of this technology, without having to understand the technical details.
— Brian Armstrong - barmstrong.eth (@brian_armstrong) July 15, 2022
Mizuho analysts addressed in a note earlier on Thursday that Coinbase has seen a decline in trading volumes over the last two quarters. The crypto exchange had fallen out of the top 10 crypto exchanges by trading volume in July and saw its market share by volume down to 2-3%.
Price Action: According to data from Benzinga Pro, COIN shares traded 0.60% higher during the pre-market session.
Photo: Courtesy of Coinbase
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