Coinbase CEO Brian Armstrong Explains How Cryptocurrency Exchanges ‘Win in This Environment’

Coinbase Global Inc. coin CEO Brian Armstrong Explained how the company plans to turn its ongoing struggles in the current market into a “growth opportunity”.

What happened: In a series of tweets on Thursday, Armstrong laid out four factors he believed were how Coinbase could still ‘win’ in the midst of an environment of turmoil in the crypto market.

“Recessions make the best companies even stronger, and this one will be no exception for us,” Armstrong said. Highlighting that the company is well capitalized.

The CEO also pointed to the integrated product suite of crypto exchanges where users can trade, stake and borrow cryptocurrencies such as Bitcoin BTC/USD, Ethereum ETH/USDAnd dogecoin DOGE/USD,

SEE ALSO: Coinbase Phased Out ‘Pro’ Exchange: What You Need to Know

“With Coinbase One, you can do all your crypto activity with one flat fee,” he said.

Armstrong cited Coinbase’s “ease of use” as one of the reasons, concluding that it will prevail regardless of the current circumstances.

Analysts at Mizuho addressed in a note earlier on Thursday that Coinbase has seen a decline in trading volume over the past two quarters. The crypto exchange was kicked out of the top 10 crypto exchanges by trading volume in July and its market share fell to 2-3%.

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Price Action: According to data from Benzinga Pro, COIN shares traded higher by 0.60% during the pre-market session.

Photo: Courtesy of Coinbase

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