Coinbase says it’s time to “update the system,” making crypto replace traditional finance
Top US crypto exchange Coinbase makes it time for the nascent industry to take over the existing traditional financial system.
In a new Twitter threadCoinbase notes that if all crypto users in the world were their own country, it would be the third largest nation on Earth.
Coinbase cites several growing use cases, including inflation protection in developing countries, crypto transfers and efficient delivery of humanitarian aid.
“Crypto can provide stability. Venezuela became hyperinflationary. Egypt and Lebanon recently devalued their currencies. Stablecoins like USDC, held by 1.6 million people and pegged to the US dollar, are less inflationary options.”
Coinbase also says the U.S. should do what it can to position itself at the forefront of crypto adoption, noting that the company is dedicated to leading the push in America rather than going offshore.
“Widespread crypto adoption has begun, and the countries creating common sense legislation are positioned to become industry leaders. Many are adopting regulations aimed at protecting users while enabling innovation, including the UK, EU and Japan. America should do the same.”
Crypto isn’t going anywhere. But whether America becomes a global leader remains to be seen. Cryptotechnology can help update our aging financial infrastructure, giving American consumers more financial freedom and institutions new tools to drive innovation.
While some crypto companies went offshore to avoid US law, Coinbase decided to build in the US and push innovation within existing regulations. Coinbase is committed to being part of the solution to update our financial system.”
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Featured image: Shutterstock/Vitalii Bashkatov
