Coinbase CEO: Institutional Interest In Crypto Is Growing Despite Crypto Winter!
Coinbase CEO, Brian Armstrong Said That Institutional Interest In Crypto Is Growing Despite Crypto Winter!
Recently, in a new interview published on the official YouTube channel of Coinbase, the crypto exchange’s CEO Brian Armstrong made a number of comments relating to the current crypto winter happening and how it may actually be different to all the previous other crypto markets in the past.
Interview With Coinbase Brian Armstrong
Armstrong explains that as someone who’s experienced multiple crypto winters in the past, this crypto winter was slightly different as unlike the previous years, not as many institutes were putting their exploration of cryptocurrencies on hold anymore.
“We’ve been through four of these now. It’s funny, I would say in the last crypto winter, we did see institutions in the US sort of pause or put on hold their crypto efforts.” Armstrong continued, “But in this crypto winter, we actually haven’t seen that, which is pretty encouraging.”
Related: Coinbase to Introduce NFT Floor Pricing Feeds
The CEO of the large US-based crypto exchange then goes into further detail, explaining that the reason he thinks this is happening is due to the fact that the nature of this crypto winter isn’t a crypto-only issue. In fact, Armstrong suspects that it’s because the microenvironment is facing such difficulties especially with issues surrounding inflation and continuous increased interest rates, more institutes may have actually become more drawn to crypto.
“I think one reason that that is 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.” Armstrong said.
“And so, in fact, the opposite – we’re still seeing a lot of institutions sign up and show interest in crypto, make deposits, do integration”.
Coinbase & Institutional Clients
Just a couple of months ago in early August, Coinbase announced their plans to draw in more institutions to enter the crypto space by offering new Ethereum staking offers specifically for institutional clients.
Related: Solana Co-Founder Says Crypto Winter Could Last Another 12 to 18 Months
Although so far this offer is only available for U.S domestic institutional clients, it seems that Coinbase has plans to expand this along with the expansion of their exchange to other countries.
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