The head of the largest US-based cryptocurrency exchange says institutional buyers are still into crypto amid the crypto winter.
In a new interview released on Coinbase’s YouTube channel, Armstrong expands on the exchange’s history with crypto bear markets.
“We’ve been through four of these now. It’s funny, I would say in the last crypto winter, we did see institutions in the US sort of pause or put on hold their crypto efforts. But in this crypto winter, we actually haven’t seen that, which is pretty encouraging.
I think one reason that that is probably the case is that this crypto downturn is a broader macro downturn. It’s not really crypto-related. Everything is down in the broader financial markets. And so, in fact, the opposite – we’re still seeing a lot of institutions sign up and show interest in crypto, make deposits, do integration… So, for Coinbase Prime, which is our institutional product, we’re seeing a lot of growth still, and I think we’ll see that in the Australian market as well.”
The Coinbase CEO also takes the time to recognize the accomplishments of the recent successful Ethereum (ETH) merge.
“First of all, I just want to give a big shout-out to the ETH team. The various teams, really, working on the node softwares out there that helped make that happen, and, of course, the ETH foundation itself. I think that was a huge milestone for cryptocurrencies in general and for Ethereum in terms of scalability and decentralization… And, also, energy efficiency.”
The merge slashed Ethereum’s carbon emissions by an estimated 99.99%, according to a CCRI report commissioned by ConsenSys, a blockchain software company.
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