“This is our moment,” says Coinbase CEO after Binance trouble

Shares of the major Coinbase are currently at one all time low, but according to CEO Brian Armstrong, this is precisely “our time to shine.” In an email to his employees, Armstrong says the major US crypto exchange will survive, unlike other bitcoin (BTC) exchanges struggling with the bear market.

“This is our moment”

According to Armstrong, now is the time for Coinbase to demonstrate its value to the market. “It wasn’t always easy to watch our competitors flout the rules and gain a lot of value and media attention in the process,” said Armstrong.

Furthermore, the CEO of Coinbase asks his employees to give the extra effort needed to help all customers of the platform as best as possible. He mentions, among other things, the gigantic withdrawals that Binance is currently facing.

That could well ensure that many people switch to Armstrong’s exchange platform, which must comply with strict regulations because of its listing in the United States. In that sense, Coinbase is an extremely transparent party compared to the opaque Binance.

No one knows exactly what Binance’s corporate structure looks like, let alone what CEO Changpeng Zhao’s stock market is doing financially. That now seems to cause problems for Binance and that of course offers opportunities for Coinbase.

Coinbase no exposure to Binance

Armstrong further states that Coinbase has no significant exposure to Binance. The more than $5 billion in customer assets are safely on Coinbase’s balance sheet. Coinbase shares fared little better, finishing at an all-time low of $39 apiece on Tuesday.

Binance is having a hard time this week, as it is estimated that the exchange lost more than $ 3 billion in assets this week. Changpeng Zhao’s exchange platform, however, claims to have over $60 billion in assets under management.

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That would mean that the exchange platform still has enough room to shrink. However, the market is concerned about those claims, which is why some people choose eggs of their money and switch to another exchange platform.

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