Coinbase CEO says crypto is the solution for financial inclusion

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Brian Armstrong, the Coinbase CEO, wants to build an open financial system Coindesk reports. Armstrong said his firm would continue to take a leading role in the development and dissemination of blockchain technology to get “100 million or more people to start [using] cryptocurrency.”

He also said, “We can actually change the law, you know, bend this curve and materially change the economic freedom of the entire world by what we’re going to build … The vision for Coinbase is creating more economic freedom for every person and business in the world over the next ten years.”

In its bid to achieve this goal, Coinbase is continuing to invest in industry startups through its incubator program, Coinbase Ventures. Coindesk also reports that the popular exchange “will also roll out a suite of products aimed at lowering the bar of entry to cryptocurrencies and expand the ways people can earn cryptocurrency.”

Armstrong reiterated that “Coinbase can’t do it alone, there needs to be thousands of companies out there,” pointing out that whilst his firm has already invested in 50 or 60 startups, “there are new investment strategies like security tokens and initial exchange offerings that will propel the industry forward.”

He also pointed out that Coinbase grew to be “the largest custodian out there… by really focusing on compliance” and forming relationships with traditional financial institutions. He believes it’s this emphasis on financial and cyber security that enabled “people to really trust us.”

Ultimately he wants to leverage Coinbase’s image of convenience and safety “to have a billion people in say five to ten years accessing an open financial system through our products every day.”

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