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Brian Armstrong flexes muscles: Custodies 90% of BTC ETF assets, Coinbase Wallet to become super app

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Brian Armstrong flexes muscles: Custodies 90% of BTC ETF assets, Coinbase Wallet to become super app

The CEO of the American exchange Coinbase, Brian Armstrong, tweeted yesterday regarding the recent impressive financial performance, detailing the achievements of the company over the past year and expressing views on its future development direction, strategies, and regulatory stance.

Coinbase Releases 2023 Review: Cost Reductions, Profit Achievements

Following the release of the Q4 2023 financial report, Brian Armstrong praised Coinbase for delivering an impressive performance in 2023. Not only did the company show strong financials, but also successfully reduced costs by 45% compared to the previous year, resulting in a nearly $95 million net profit.

Trading Rebound Leads Coinbase to Profit in 2023, Stock Surges by 14%

Armstrong also mentioned several products and services launched by Coinbase in 2023, including the highly anticipated L2 network Base, which he believes contributed to the expansion of the crypto market.

Coinbase's Public Chain Base Goes Live, TVL Surpasses July Meme Coin Craze, Officially Emphasizes No Coin Issuance Again

90% of Bitcoin ETF Assets Custodied

Armstrong also emphasized Coinbase's significant position and influence in the Bitcoin ETF market:

As the custodian for 8 of the 11 ETF issuers, Coinbase custodies around 90% of approximately $37 billion worth of Bitcoin ETF assets.

He added, "Since the launch of the ETF, Coinbase has seen and maintained positive net inflows from retail investors and institutional funds."

Plans to Develop Coinbase Wallet into an On-Chain Super App

Looking ahead, Coinbase stated that in 2024, they will focus on expanding internationally, derivatives, payment sectors, and increasing revenue. They aim to enhance the utility and application aspects of cryptocurrencies through products like the improved Coinbase Wallet:

We aim to develop Coinbase Wallet into an on-chain super app.

New Features in Coinbase Wallet? Ability to Transfer USDC Zero Fees to IG, FB

Continued Push for Cryptocurrency Regulation

Lastly, Armstrong expressed his long-term concern for cryptocurrency regulation and compliance, stating that they will continue to push for regulatory clarity in the cryptocurrency market through legal actions, donations, and advocating for legislation in Washington, D.C.

Generous $3.6 Million Donation to Bitcoin Development Organization Brink

On the other hand, the non-profit organization Brink, which supports Bitcoin developers, expressed gratitude today, stating that Coinbase has donated $3.6 million to Bitcoin blockchain developers through Brink.

The donation was made through Coinbase for funding distribution to underserved populations in the GiveCrypto program.

Last December, Coinbase announced the discontinuation of the program due to a lack of long-term impact, and the remaining funds were allocated to platforms like Brink and GiveDirectly for charitable purposes.

Brink stated:

This donation, with no strings attached, will be used directly to support their scholarship program and benefit multiple engineers dedicated to open-source Bitcoin code development.