Coinbase to offer DeFi services for global markets, says Brian Armstrong

Key facts:
  • Decentralized crypto economy will be a central area for the firm, according to its CEO.

  • In addition, Armstrong explained that they will seek to adopt a more globalized vision of the market.

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Cryptocurrency exchange Coinbase is going to focus on decentralized finance (DeFi) and user self-protection of assets, co-founder and CEO Brian Armstrong said. In addition, it will also move from focusing on the West to a more global market.

In a statement on Coinbase’s blog, the entrepreneur assured that the company sees “the opportunity to give our customers access to new products and possibilities. We are seeing a range of emerging applications and products gaining ground.”

In this regard, ” our centralized products (CeFi) will continue to play an essential role in the growth of the crypto economy. However, the decentralized crypto economy will also be a very important area of development.”

In detailing how Coinbase is going to go through this new process of expansion and growth, Armstrong talked about three fundamental lines of action with their respective concrete steps:

  • Adding more assets to Coinbase and faster. In this sense, the idea is to “aggregate all legal assets and give the user the option to make their own risk assessment”.
  • Making Coinbase a more globalized company. So far, Armstrong details in the text, Coinbase focused on discussing regulation with Western hemisphere entities, but from now on they will “shift the focus” to a more global market-oriented stance overall.
  • Creating the “crypto app store”. Exemplifying with a parallel to what has been done by tech firm Apple and its digital app store, Coinbase’s CEO stated that this would allow users to access innovative decentralized apps, an industry that, in addition, has more than $ 10 billion in investment.
Coinbase will seek to expand in a more globalized way. Source: Coinbase. Source: Coinbase / coinbase.com

After explaining these three fundamental methods, Armstrong also provided further details on further concrete measures. In this regard, he explained that some of the next steps that Coinbase will take are to lower the legal questions for new assets from 70 to 12, and improve its legal Compliance and security reviews.

Also, create an “experimental zone” to control the potential risks of new assets and they will try to move forward in approving as many assets as possible to store, send and receive, regardless of whether they can be traded on the platform’s exchange or not.

This is not a minor point. As CriptoNoticias reported, DeFi have been the scene of hacks and robberies in recent time; to the various episodes of this type that occurred in 2020, were added this year as many others that generated millions of losses for the platforms.

On the other hand, despite the fact that it already has a wallet autocustodia (that is to say that the user has the private keys of this, and it is not the exchange who custody assets stored), for the future, Coinbase plans to “any application based on decentralization, crypto is accessible to users from the app Coinbase, from the integration with the identity and the wallet individual. In this regard, Armstrong promises that ” in the future you will have the option to self-custodian your cryptocurrencies directly from the main Coinbase app.”

Armstrong’s vision of innovation

Throughout the release, Armstrong emphasizes offering new innovative possibilities to its customers. In this regard, he assured that “Coinbase should be the place where people can really participate in the crypto economy. We need to help people with decentralized crypto economy just like we did to get them to access bitcoin for the first time.”

In the past, Coinbase’s CEO had expressed concern over alleged intentions to regulate bitcoin (BTC) self-preservation. As Crypto News reported, Armstrong considers this ” would be a terrible legacy “and would add” additional friction ” that would compromise innovation in this regard.

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