“On-chain is the new online,” says Brian Armstrong

The CEO of the Coinbase exchange, Brian Armstrong, stated that, currently, blockchain and crypto are promoting a transformation in people’s lives, just as the Internet did decades ago. The statement came on a recently released Coinbase third-quarter earnings call.

“On-chain is the new online. The Internet was and is a revolutionary technology that redefined our modes of communication, business and social interaction. It broke down barriers, democratized access to information and made knowledge universally accessible.

Blockchain and crypto are doing the same thing today with a redecentralization of the web and the introduction of a new building block: ownership. Instead of just reading and writing on the traditional Internet, on-chain, you can now read, write and own. On-chain is about digital assets, broader access to financial services and even changes the way we think about identity, governance, art and non-financial services,” he said.

Despite being optimistic about the future of the cryptocurrency industry, Armstrong also highlighted that a major obstacle in the sector is regulatory clarity in the US.

“So we’ve certainly been very focused on getting clarity in the US. I think it’s an important issue that’s holding the US back right now. And while we have been able to make great progress in other countries in terms of licensing, in the meantime, and with our derivatives licensing in the US, we still need more clarity.”

In the document, the CEO also expressed all his optimism with the numbers achieved by the company in the third quarter. Coinbase generated total revenue of US$674.15 million in the period, an increase of more than 14%.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.