Coinbase Global Inc 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.
“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 BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD.
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.
Armstrong concluded by naming Coinbase’s “ease of use” as one of the reasons it would prevail despite the current circumstances.
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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