Coinbase Says It Isn’t Worried About Wall Street’s Growing Push Into Crypto
Summary
- Coinbase said it is not concerned about Wall Street financial institutions expanding their presence in the crypto market.
- Coinbase said the crypto industry’s key strengths are community and the values of open, decentralized finance, which traditional financial institutions cannot easily replicate.
- Coinbase recently reported weak results, including a $1.49 per-share loss in the first quarter and plans to cut about 14%% of its workforce.
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Coinbase said it isn’t concerned about Wall Street firms expanding further into the cryptocurrency market.
Katie Harries, Coinbase’s head of European policy, told CoinDesk on May 24 that “a bull market helps everyone” and that she is “not at all worried” about broader participation by traditional financial institutions.
Harries pointed to community as the crypto industry’s core competitive strength. Millions of users chose digital assets because of the values of open, decentralized finance, she said, adding that traditional financial institutions cannot easily replicate that.
The comments came after Coinbase recently reported weak earnings and announced restructuring measures. The company posted a first-quarter loss of $1.49 a share, missing market expectations, and earlier in May said it plans to cut about 14% of its workforce.
