Coinbase Annual Summary: Cryptocurrency is not only here to stay, but is the future of money

By Brian Armstrong, Coinbase

Compiled: 0x26, Blockbeats

Editor’s Note:

Whether it is the continued rise in Bitcoin prices, the market's optimistic expectations for the approval of Bitcoin spot ETF applications, or the upcoming Bitcoin halving in 2024, all indicate that next year will be an important year.

Coinbase co-founder and CEO Brian Armstrong, one of the most influential members of the crypto industry, sent a message toCommunityHe expressed hiscryptocurrencyAn optimistic attitude, as well as Coinbase's industry mission and development direction.

Summarize

• cryptocurrencyNot only is it here to stay, it is the future of money.

• The industry has turned a new page, and compliant growth is the trend of the future.

• This year, the value of cryptocurrencies has increased by 90%, and trading volume increased by 60% in the fourth quarter. More than 52 million Americans and 5% of the global population own cryptocurrencies, and most G20 countries are supporting its use.

• We are beginning to see cryptocurrencies play a role in areas such as stablecoins, DeFi, and Web3, and as cryptocurrencies drive updates to the financial system, the chain is increasingly looking like the new Internet.

Cryptocurrency is not only here to stay, it’s the future of money. The industry has said goodbye to the illegal practices that once hampered its development, and compliance growth is underway. After a massive market correction, cryptocurrencies have risen in value by 90% this year, and trading volume increased by 60% in the fourth quarter. 425 million people worldwide own cryptocurrencies, and 83% of G20 countries and major financial centers have or are in the process of developing rules to ensure certainty for the industry. With this scale and momentum, innovation will continue to develop. The SEC’s approval of a Bitcoin spot traded fund (ETF) may spur new growth in cryptocurrencies as an asset class. But as the use of cryptocurrencies increases, so does their utility—from an asset class to driving a necessary update to the century-old financial system.

Every day, more consumers grow up with the internet and expect to be able to move money with speed, scope, and autonomy that traditional financial institutions, or even online payment systems based on those institutions, cannot provide. They also want to move money at a low cost without powerful institutions limiting their access and charging high fees and interest rates. Today in the United States, half or more of major consumers and voters are actively looking for alternatives to the current system, including 52% of adults aged 18-40, 6 in 10 African Americans, and nearly half (47%) of Hispanics. Cryptocurrencies are helping to create a more open, more global system.

• More than 100,000 merchants and payment gateways around the world, including PayPal and Visa, accept cryptocurrencies for payment. Among the reasons: lower fees, higher speed, and access to new customers.

• In 2022, global on-chain stablecoin transfers approached $9 trillion, more than Mastercard, American Express, and Discover combined. Stablecoins help currencies like the dollar exist in digital form. They are faster, more affordable, and easier to use than fiat currencies, but are equally stable andSafetyFor the average user, they offer the benefits of cash without its drawbacks. In countries with unstable governments and currencies, they provide citizens withSafetycross-border transaction channels.

• Countries with less economic freedom, such as Argentina, Brazil, and Nigeria, have higher rates of cryptocurrency payments and adoption as a percentage of wealth (and are among the most populous in the world).

• Workers living abroad use cryptocurrencies to send remittances. About one in nine people worldwide rely on these remittances. Cryptocurrency transfers are on average 96% cheaper than other transfers and take only 10 minutes instead of up to 10 days.

• Global financial centers such as London, Switzerland, Hong Kong and Singapore are transforming into cryptocurrency hubs to compete for the jobs and talent that come with a more open, global system.

Cryptocurrency provides economic freedom to people by ensuring they have free control over their money and participate fairly in the economy, unconstrained by powerful legacy institutions - enabling people to build, create, and own their work. Coinbase is committed to increasing the economic freedom of more than 1 billion people. As cryptocurrency adoption continues to grow, we are focused on building the most trusted, compliant products and services, supporting other developers, and setting fair rules so that the benefits of cryptocurrency can be realized in the U.S. and around the world:

• Coinbase walletIt is transforming global money transfers, enabling anyone to send money around the world with free, instant settlement. No fees, no waiting days to use your funds.

• The decentralized, open Layer 2 (Base), incubated by Coinbase, is paving a new track towards our goal of completing payments in less than a second and for less than a cent, enabling anyone, anywhere to build amazing on-chain applications.

• Our New InternationalexchangeProviding spot and perpetual futures trading, we are striving to become the cornerstone of the global crypto ecosystem by always being loyal to our trust,Safetyand ease of use, redefining industry standards.

• Our "deeper and wider" international expansionXiaobai NavigationOur strategy is accelerating cryptocurrency adoption around the world. We have recently obtained licenses or expanded into key markets including Canada, Spain and Bermuda, and have identified Ireland as the location for our EU MiCA entity.

Coinbase is building a track with clear rules, extensive cooperation, and reliable products and facilities to support innovation today and in the future. From the ongoing update of the financial system to the next chapter of cryptocurrency - when 1 billion people around the world use decentralized services, cloud services, and business services powered by cryptocurrency, it can finally be proven thatBlockchain(onchain) is the new Internet.

Coinbase chose to become a public company in the United States because we are committed to this market, compliance, and transparency. Our mission is particularly important to the United States, especially in the face of threats to the American Dream and the democratic values that this country represents. The two can only coexist if there is economic freedom. We believe that the United States will eventually get cryptocurrency right. In the meantime, we will continue to work with other countries that are moving forward and embracing cryptocurrency - promoting a more global, more open financial system.

Cryptocurrency and Coinbase are just beginning.

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