Coinbase CEO Brian Armstrong says institutional interest in crypto growth despite bear market
The head of the largest US-based cryptocurrency exchange says institutional buyers remain keen on crypto amid crypto winter.
In a new interview released on Coinbase’s YouTube channel, Armstrong expands on the exchange’s history of crypto bear markets.
“We’ve been through four of these now. It’s funny, I’d say this past crypto winter we saw institutions in the US kind of stop or put their crypto efforts on hold. But in this crypto winter, we haven’t actually seen that, which is quite encouraging.
I think one reason that’s probably the case is that this crypto downturn is a broader macro downturn. It’s not really crypto related. Everything is down in the broader financial markets. And actually the opposite – we’re still seeing a lot of institutions signing up and showing interest in crypto, making deposits, doing integration… So for Coinbase Prime, which is our institutional product, we’re still seeing a lot of growth, and I think we’ll see that in the Australian market as well.”
The Coinbase CEO also takes time to recognize the achievements of the recent successful Ethereum (ETH) merger.
“First of all, I just want to give a big shout out to the ETH team. The different teams really working on the node software out there that helped make it happen, and of course the ETH Foundation itself. I think it was a big milestone for cryptocurrencies in general and for Ethereum in terms of scalability and decentralization… And also energy efficiency.”
The merger cut Ethereum’s carbon emissions by an estimated 99.99%, according to a CCRI report commissioned by ConsenSys, a blockchain software company.
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Featured image: Shutterstock/Athitat Shinagowin
