Coinbase Processed More Than $200 Million In BTC And Crypto Payments Since Launch
Coinbase was in the spotlight not too long ago when the CEO, Brian Armstrong, made a bold crypto-related prediction amidst the global crisis in which we are these days.
Not too long ago, in a few tweets, he said that he believes the stock market drop and the massive reduction in interest rates could boost the crypto industry in 2020.
More than that, Armstrong also said that China’s expanding money supply could be a trigger that boosts crypto and BTC.
The truth is that amidst the coronavirus pandemic, more and more people are showing an increased interest in the crypto industry, and Bitcoin is seen as a safe haven these days.
During such terrible times, fiat money can be seen as a danger, a true biological weapon since banknotes and coins can carry the virus and help in its spread.
Coinbase processed more than $100 million worth of BTC and crypto
Coinbase has something to celebrate these days.
The US-based crypto exchange said that the retail platform had processed more than $200 million worth of Bitcoin and crypto transactions since it launched in February 2018.
Coinbase Commerce allows merchants to accept payments in more digital assets, including BTC, ETH, and more.
Coindesk reported that the platform hit the crypto payment milestone a couple of days ago.
Commerce product lead John Zettler said that crypto payments seem to be underrated by the economic crisis triggered by the coronavirus pandemic.
He said that the platform didn’t see too many changes in activity this month and the past one, as both crypto and traditional markets fell.
Zettler also said that people prefer using BTC, but they are also starting to be interested in stablecoins, especially USD Coin (USDC).
USDC is a collab between Coinbase and Circle, and it’s backed by the US dollar. As you know by now, stablecoins are not seeing such increased volatility as the other digital assets due to the fact that their value is pegged to s stable asset.
Zettler also made sure to highlight that stablecoins transactions will probably surge in Q2 and Q3.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.