Coinbase Says It Isn’t Concerned by Wall Street’s Deeper Push Into Crypto
Summary
- Coinbase said it is not worried about Wall Street financial institutions expanding their presence in the cryptocurrency market.
- Katie Harries said the crypto industry’s key competitive strength is its community, adding that this is something traditional financial institutions cannot easily replicate.
- Coinbase made the remarks after reporting a $1.49-per-share loss for the first quarter and announcing plans to cut about 14%% of its workforce.
Forecast Trend Report by Period
Coinbase said it is not concerned about Wall Street firms expanding further into the cryptocurrency market.
Katie Harries, Coinbase’s head of European policy, told CoinDesk in an interview published on May 24 that “bull markets help everyone” and that she is “not at all worried” about broader participation from traditional financial institutions.
She said the crypto industry’s core competitive strength is its community. Millions of users chose digital assets because they value open, decentralized finance, she said, and that is something traditional financial institutions cannot easily replicate.
The comments came after Coinbase recently reported weak earnings and announced job cuts. The company posted a first-quarter loss of $1.49 a share, versus market expectations, and earlier in May said it plans to reduce its workforce by about 14%.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
