In an interview with CNBC, Coinbase CEO Brian Armstrong reveals that the trade is chopping prices and specializing in subscription plans. Armstrong talked about Coinbase’s decade-long journey and revealed new particulars for future plans.
He revealed that the trade desires to maneuver away from buying and selling charges as its important income. He defined the reason is the dried up money movement because the crypto bear market begins to indicate up.
Talking about future plans, Armstrong revealed, “We’re investing today so much in subscription and services revenue”.
He additional added, “We’re realizing that trading fees… [are] still gonna be a big part of our business ten years from now, even twenty years from now, but I’d like to get to a place where more than 50% of our revenue is subscription and services.”
He revealed that as of now, 18% of Coinbase’s income is earned from subscription companies and that there shall be some form of subscriptions popping out quickly. He hinted at subscription-based staking choices.
The CEO additionally believes that the crypto-exchange must develop in a real world sense and past the U.S. centric outlook.
Regarding the cost-handling measures, Armstrong shall be chopping prices to arrange a plan for a bear market that lasts 12-18 months or longer. About the latest 18% layoff, Armstrong mentioned the preliminary spherical of layoffs had been meant to be a one-time occasion.
Armstrong concluded that the trade intends to be probably the most compliant, probably the most regulated, probably the most trusted product.
Compiled by Coinbold