Onchain Is the New Online: Coinbase CEO Explains

Coinbase sees a bright future in crypto, just like the early internet days, with Coinbase's strong earnings report despite needing clearer US rules.

Coinbase CEO Brian Armstrong believes crypto could shape the future like the internet did before.

During Coinbase's earnings talk, Armstrong said blockchain and crypto are changing lives just as the internet started doing 20 years ago.

“On-chain is the new online,” he said, comparing the internet’s impact on communication and business to how blockchain brings ownership to the web. With blockchain, people can not only read and write but also own digital assets and explore new ways in finance, art, and identity.

Coinbase's earnings are looking good, with $674.15 million made in Q3 of 2023, more than what experts thought they would earn. This is a 14% increase from last year.

But, Armstrong points out, the US needs clearer rules for crypto to keep growing. He says the lack of clear regulations is a problem, but Coinbase is making progress with licenses in other countries and in the US for derivatives trading.

Coinbase's stock, COIN, is at $85.80, which is up 12% from the beginning of the month.