Coinbase CFO reveals that the exchange stores around 12% of the total crypto currently circulating

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Coinbase CFO reveals that the exchange stores around 12% of the total crypto currently circulating By Angel Di Matteo @shadowargel

During an encounter with the Committee on Financial Services of the US House of Representatives, the representative of Coinbase revealed these and other figures, also citing the need for effective regulation at the local level.

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The Chief Financial Officer (CFO) for Coinbase, Alesia Haas, highlighted the position that the exchange occupies within the cryptocurrency market, highlighting that it has in custody around 12% of the total cryptocurrencies, which is why it manages funds for more than 150 types of digital assets.

Coinbase stores more than 12% of circulating cryptocurrencies

Haas’ statements came during a meeting of directors of important companies in the critical sector who appeared before the Committee on Financial Services of the US House of Representatives, where the representative of Coinbase highlighted the role that the exchange plays within the ecosystem of digital currencies and its associated markets.

According to Haas, currently Coinbase It allows users both in the US and in other latitudes to market and store a significant amount of cryptocurrencies, and this has allowed the platform to open space and make a place for itself within the sector, constantly thinking about how to expand its line of products and services.

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In this way, the directive of Coinbase commented:

“We now securely store 12% of the world’s cryptocurrencies in more than 150 asset types… We serve more than 73 million customers around the world, including 10,000 institutions and 185,000 application developers. It is important to note that almost 50% of our clients who carry out transactions are doing more than buying and selling cryptocurrencies, which indicates that cryptocurrencies are moving beyond their initial investment phase, towards the expected profit phase from long time ago”.

The need for more precise regulations

At the same time he spoke about the position and the importance of the work of Coinbase, Haas also made reference to the problems that the US poses for this type of operations by not handling appropriate regulations for cryptocurrencies, since not having them puts the country in a complicated situation in which it could lose the opportunity that this commercial sector brings with it .

Among the consequences associated with this problem, the directive of Coinbase He pointed out that the US loses access to financial gains derived from this sector. He also indicated that if it continues like this, the crypto ecosystem could lose momentum at the local level, which would lead those interested in these products to operate through other platforms from underground, which is very unsafe for users due to the scarce guarantees of fulfillment they offer.

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Although Haas brought to the table the need for appropriate regulations on cryptocurrencies in the US, this has been a topic widely demanded by both public officials and industry participants, who agree that having clear rules would significantly help all stakeholders can operate without so much uncertainty.

At the time, Senator Elizabeth Warren and the president of the SEC Gary Gensler also endorsed this same request, as there is also very little that can be done at the legal level to protect users and help the private sector when there is no clarity on the rules to follow.

Coinbase and the US market

Although Coinbase offers its services internationally, the exchange has a very solid position within the US market, being one of the exchanges with the longest history at the local level.

The aforementioned, hand in hand with other aspects, make Coinbase have a lot of weight in the US market. For example, when the exchange announces that it will add a token to its commercial list, the volume of operations for this usually increases notably, since this allows users residing in the country to trade with said asset without any problem.

It is worth noting that Coinbase He has also tried to offer support to legislators and government entities to advise on cryptocurrencies and markets. In October the company announced plans to present a bill to regulate cryptocurrencies in the US, and also co-founded a council with other industry participants to help the crypto ecosystem comply with local laws.

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Fountain: Finbold, CoinDesk, Cointelegraph

Version by Angel Di Matteo / Daily bitcoin

Picture of Unsplash

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