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Cryptocurrency not only exists—it is the future of currency. The industry has overcome illicit activities that hindered its progress; compliant growth has arrived. After experiencing a significant market correction, the value of cryptocurrency has grown by 90% this year, with a 60% increase in trading volume in the fourth quarter. Globally, 425 million people are involved in the industry, and 83% of G20 countries and major financial centers have implemented or are in the process of creating rules, providing certainty for the industry. With such scale and momentum, innovation will continue to flourish.
The potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) could stimulate the cryptocurrency's growth as an asset class. As cryptocurrency usage continues to grow, its utility increases—from being an asset class to driving necessary updates in the century-old financial system.
Every day, more consumers, growing up with the internet, desire the ability to transfer funds with the speed, coverage, and autonomy not provided by traditional financial institutions or their online payment systems. They also seek to transfer funds at a lower cost without powerful institutions restricting access and imposing high fees and rates. In the United States, half or more of the main consumers and voters are actively seeking alternatives to the current system, including 52% of adults aged 18-40, two-thirds of Black Americans, and nearly half (47%) of Hispanic Americans. Cryptocurrency is helping create a more open and global system.
Globally, over 100,000 businesses and payment channels accept cryptocurrency payments, including PayPal and Visa. The reasons include lower fees, faster transactions, and acquiring new customers.
In 2022, global on-chain stablecoin transfer volume approached $90 trillion, surpassing the total of Mastercard, American Express, and Discover cards. Stablecoins help digitalize currencies like the U.S. dollar. They are faster, more affordable, and easier to access than fiat currencies, while remaining stable and secure. For daily users, they offer the benefits of cash without the drawbacks. In countries with unstable currencies, they provide citizens with secure cross-border transactions.
Countries with lower economic freedom, such as Argentina, Brazil, and Nigeria, have some of the highest rates of cryptocurrency payment usage and wealth distribution (and are among the most populous countries in the world).
Workers living abroad use cryptocurrency for remittances, with approximately one-ninth of the global population relying on them. Cryptocurrency transfers are on average 96% cheaper than other transfers and can be completed in as little as 10 minutes, as opposed to a maximum of 10 days.
Global financial centers like London, Switzerland, Hong Kong, and Singapore are transforming themselves into cryptocurrency hubs to gain employment opportunities and talent from a more open and global system.
Cryptocurrency grants economic freedom, ensuring people have access to their funds and can participate fairly in an economy not restricted by powerful traditional institutions—allowing people to build, create, and own their assets. Coinbase's mission is to increase economic freedom for over 1 billion people. As the utility of cryptocurrency grows, we focus on building the most trusted, compliant products and services, supporting other developers, and ensuring that the benefits of cryptocurrency are accessible to the United States and the world through fair rules:
- Coinbase Wallet is changing global remittances, enabling anyone to send funds anywhere in the world for free and settle instantly. No fees are charged, and funds are available without waiting.
- Base, incubated by Coinbase, is a decentralized, open L2 laying the foundation for our goals: completing payments in one second, costing less than a cent, and allowing anyone, anywhere, to build incredible on-chain applications.
- Our new international exchange offers spot and perpetual futures trading, becoming a cornerstone of the global cryptocurrency ecosystem by adhering to our roots of trust, security, and user-friendliness.
- Our "broad and deep" international expansion strategy is accelerating the global adoption of cryptocurrency. We have recently obtained licenses or expanded in key markets such as Canada, Spain, and Bermuda, establishing Ireland as the location for our EU MiCA entity.
Coinbase is building a stage with clear rules, partnerships, and trusted products and infrastructure to support innovation today and in the future—from ongoing updates to the financial system to the next chapter of cryptocurrency—when a billion people globally use decentralized services, cloud services, and businesses based on cryptocurrency, indicating that online is the new way.
Coinbase chose to become a publicly traded company in the United States because we are committed to the market, compliance, and transparency. Especially for the United States, our mission is more important than ever, given the threat to the American Dream and the democratic values it represents. Both can coexist only when economic freedom exists. We believe the United States will ultimately handle cryptocurrency correctly. Meanwhile, we will continue to collaborate with other countries that are advancing and embracing the next chapter of cryptocurrency, promoting a more global and open financial system. Cryptocurrency and Coinbase are just getting started. |
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Post time 26-12-2023 12:27:10