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Brian Armstrong, chief executive of major US crypto exchange, Coinbase has been speaking at the Consensus 2019 conference in New York. He’s reportedly been asked some tough questions regarding the status of his exchange.
According to CoinDesk reporter Leigh Cuen, Armstrong was asked if Coinbase “is just a digital bank.” The CEO reportedly said denied this but did admit that Coinbase “is becoming more centralized. We’re almost a victim of our success,” he said, adding “there's a little too much power in one place. We need to make sure we don’t become too centralized.”
“[@coinbase] is becoming more centralized. We’re almost a victim of our success...there’s a little too much power in one place. We need to make sure we don’t become too centralized.” —@brian_armstrong #consensus2019
— Jen Wieczner (@jenwieczner) May 15, 2019
Some have questioned what exactly “too centralized” means, leading to speculation that Coinbase may be building a decentralized exchange.
What does "too centralized" look like for a centralized online exchange though? Is Coinbase building a DEX?
— Zack Voell (@zackvoell) May 15, 2019
Coinbase DEX coming
— alwafi alashhib⚡️[BTC] (@AlwafiAlashhib) May 15, 2019
DEX is the next step then ... year 2020 going to be awesome
— crypto_vince (@crypto_vince) May 15, 2019
As Armstrong further stated, Coinbase has begun talking to businesses like software company StarkWare about the possibility of allowing people to “self-custody” through the Coinbase wallet, but still be able to participate in exchanges. Hopefully further information will be available soon.
.@brian_armstrong says Coinbase is talking to companies like @StarkWareLtd about to possibility of people being able to self-custody via Coinbase wallet yet still participate in exchanges. #Consensus2019 pic.twitter.com/vys64crUr9
— Leigh Cuen (@La__Cuen) May 15, 2019
On stage with Armstrong was venture capitalist, Fred Wilson who said the financial investments into the crypto industry made during the last bull market will finally start bearing fruit in 2019. He added that six crypto projects in his portfolio will launch products within the next six months.
.@fredwilson says we’ll see the financial investments in the space during the last bull market finally bear fruit in 2019. 6 crypto projects in his portfolio will launch products in the next 6 months. #Consensus2019
— Leigh Cuen (@La__Cuen) May 15, 2019