Brian Armstrong, CEO of Coinbase, is attempting to calm investor fears after massive outflows at crypto exchanges following the bankruptcy filing of FTX.
The head of the largest US-based cryptocurrency exchange has posted a series of tweets explaining how Coinbase differs from other companies in the sector.
“There is a lot of fear in the markets. It is pertinent to remember how different Coinbase can be in such moments.
1/ Based on the US.
2 Customer assets backed by 1 (as indicated in our public company financials).
3/ Well capitalized, $5 billion balance sheet (as per our 10Q).
FTX, the insolvency of one of the largest companies in the crypto industry, has led to many investors withdrawing assets from stock exchanges. Coinbase and other top platforms like Binance and Kraken published their proof of reserves after the collapse of the Bahamian company.
Coinbase has released a transparency report that shows that the number of requests from law enforcement agencies and other government agencies increased 66% between the fourth quarter of 2021 and this year’s third quarter. These requests relate to criminal enforcement in more than 95% and civil or administrative requests in less than 5%.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
