Bitcoin Billionaire Brian Armstrong Explains What Makes Coinbase Unique Amidst Surging Fears

1 min read

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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About the Author

Chris Munch is a professional crypto writer, researcher, and journalist with extensive experience in the cryptocurrency and blockchain space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. He has written numerous articles and research papers on a variety of topics, including market analysis, investment strategies, and the latest developments in the industry. With a background in finance and economics, Chris has a deep understanding of the economic and financial forces that drive the crypto market. 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. In addition to his writing, Chris is also a sought-after speaker and commentator on crypto and blockchain-related topics. He has appeared on numerous podcasts, webinars, and other events, sharing his knowledge and expertise with audiences around the world.

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