Six months ago, in the midst of a bear market, Brian Armstrong, CEO and co-founder of Coinbase, addressed his employees in these terms:Today, I’m making the difficult decision to reduce the size of our team by approximately 18%, to ensure we stay healthy during this economic downturn.“. But today, despite the rigor of the bear market, it is a more comforting message that Brian Armstrong sends to his collaborators.
Coinbase will survive the bear market, says its CEO
Currently, shares of the crypto exchange Coinbase are at what is considered an all-time low. Far from being troubled by such a situation, the CEO of the crypto company wants to be comforting and optimistic. Indeed, according to The Block, Brian Armstrong recently sent a memo to its employees to reassure them about the company’s future. He indicated in his message that Coinbase would survive the bear market, unlike other crypto exchanges who are currently experiencing difficulties.
According to Brian Armstrong, this is Coinbase’s time to shine. The CEO clarified:It wasn’t always easy, as we saw competitors bend the rules and skyrocket in value and media attention.“.
He added that employees should prepare “to serve» clients in a volatile market environment. According to him, “large withdrawals that occur on Binancecould be of great benefit to Coinbase.
Coinbase would not have any exposure to Binance
Brian Armstrong was careful to remind his staff that Coinbase has no material exposure to Binance. He pointed out that the exchange is careful to keep its customers’ assets safe. The crypto firm also owns $5 billion on its balance sheet.
Note that more than 2 billion dollars of cryptos have been moved from Binance accounts by users. Simon Cousaert, Chief Data Officer at The Block, has indicated this amount on December 13 on Twitter.
Indeed, he said:Yesterday’s releases: $750 million. Today’s releases so far: $1.24 billion (about 11 hours). $2 billion is a big amount“.
Coinbase’s share price was below $39 on Tuesday. Historically, this is the lowest price, but for the CEO of the exchange, there is no reason to panic. That said, the stock has seen a slight rise recently: it’s currently priced over $40.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
