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Brian Armstrong, the chief executive officer of the largest U.S.-based cryptocurrency exchange, Coinbase, has made a significant statement to the crypto community.
It seems that Armstrong is copying Elon Musk’s playbook, applying it to Coinbase.
Working hard on building the "everything exchange"
The Coinbase CEO took to his account on the X social media platform to announce that the team continues to work hard on building the “Everything Exchange,” as he referred to the platform he plans to transform Coinbase into.
According to Armstrong, the Coinbase team “surged” in New York, making “progress on the Everything Exchange.” They worked from 9:00 a.m. to 9:00 p.m. every day, the CEO stated, adding: “Energy was great.”
Coinbase to go beyond crypto in US
On July 31, CNBC reported that Brian Armstrong was planning to turn Coinbase into an “Everything Exchange.” As part of that plan, Coinbase intends to allow its customers to start trading tokenized real-world assets, stocks, derivatives, early-stage token sales, etc., and launch prediction markets.
The new function of Coinbase will be released within the next few months, according to Max Branzburg, vice president of product at Coinbase. He stated outright that the Coinbase team is building “an exchange for everything.” “Everything you want to trade, in a one-stop shop, on-chain...We’re bringing all assets onchain — stocks, prediction markets, and more.” That would be the foundation for “a faster, more accessible, more global economy.”
This expansion makes Coinbase a closer rival to the Robinhood app, as well as to the Kraken and Gemini exchanges, which have both recently launched tokenized equity offerings for their clients.
Overall, Coinbase is following the example of Elon Musk’s X, which he calls “The Everything App” and which already includes a section for jobs, apart from the social media platform. It also plans to launch a dating section and an internal payments system. In its turn, Musk is copying the Chinese WeChat platform, which used to be a messaging app but now has a lot of other functions, including food delivery, and has grown into a super-app.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team