Brian Armstrong, the CEO of cryptocurrency exchange Coinbase Global Inc. COIN, said his company is “agnostic” about picking cryptocurrency winners and just wants to support all legal crypto assets.
What Happened: Armstrong made the comments on Coinbase’s second-quarter earnings call on Tuesday, when asked about the engagement and activity on the cryptocurrency exchange after the listing of Dogecoin DOGE/USD in the quarter.
“Our overall approach is we're agnostic about which assets are going to win, we really just want to support every asset that's legal for our customers,” Armstrong said.
See also: How To Buy Dogeoin (DOGE)
The CEO added that Dogecoin was one of the 22 assets listed by his company in the second quarter and he wants Coinbase to be the “Amazon of assets.”
Armstrong noted that Bitcoin BTC/USD and Ethereum ETH/USD still make up about 50% of Coinbase’s trading volume, while all the other cryptocurrencies together accounted for the remaining 50% volume.
Why It Matters: Coinbase, which had earlier held off from listing Dogecoin on its exchange, said in June that it has listed the meme cryptocurrency on its Coinbase Pro trading platform.
Edward Moya, the senior market analyst at Oanda, had noted that Dogecoin’s debut on Coinbase may eventually attract traditional investors and not just the “Robinhood/Reddit army.”
Dogecoin’s acceptance as a payment option by companies has also gained momentum this year.
The Shiba Inu-themed cryptocurrency is now the seventh-largest cryptocurrency by market cap and its year-to-date gains stand at 4,443.7%.
Price Action: Coinbase Global shares closed almost 3.9% lower in Tuesday’s trading at $269.67.
Dogecoin is up almost 3.6% during the past 24 hours, trading at $0.2607 at press time.
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