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Crypto is fundamental to Web3, according to Coinbase CEO

 


Web3 has gained prominence in the broader cryptocurrency market and beyond as more companies enter the ecosystem.


Cryptocurrency exchange Coinbase CEO Brian Armstrong revealed in a recent interview that he believes crypto is fundamental to Web3's growth.


According to Armstrong, the cryptocurrency space is getting stronger as the adoption rate increases around the world. 


“Unlike previous crypto cycles where we might have had 'summer' and 'winter', crypto works, we now have key use cases. Aside from people just trading it, there are tens of billions of USD locked in DeFi. NFTs are a massive trend and continue to grow. People build gaming and social media apps, DAOs and identity systems.”


Armstrong added that crypto will not just be an investment, but will be the backbone behind the new financial system. 


“Our fundamental belief is that crypto will not just be an investment, although this is a massive use case and the first pillar of our strategy, but that it will not just be a new financial system, which is the second pillar of our strategy. And we have many products to help make that happen. It will also be the new standard way that users create applications on the Internet. It is the new application platform. That's what people call Web 3.0, and they're going to build all kinds of applications, not just financial services applications.”


According to Armstrong, Coinbase is perfectly positioned to power the growth of Web3 globally. He added that the company's goal is really to be the primary account through which people access the crypto economy and Web 3.0.


The Coinbase CEO concluded that his company has a great customer base and brand infrastructure that integrates well. This makes using crypto easy, trustworthy and secure.

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