San Francisco-based crypto exchange, Coinbase President Asif Hirji speaking with the CNBC’s Fast Money team said that it’s not surprising the crypto market is recovering and the surge must persist to next year.
During the show, the crypto exchange president opined that the crypto market can go beyond its fundamentals. He further said that sometimes things are never as good as they look ad never as bad as they seem.
Asif also believes that the crypto market has experienced more innovation in the past one year which surpassed everything from the last few years. According to Coinbase President, cryptocurrencies are getting more visible and the use cases are getting stronger. He explained that the world never had as much innovation as it has now.
The downfall of the market for many blockchain firms meant massive dismissals, with ConsenSys, the Ethereum production Studio dumping a portion of its employees. And Steemit, the blockchain social network shedding 70 percent of its workforce, quoting the downfall of the crypto market.
Many crypto exchanges have also been struggling with the drained volumes while the crypto market experienced huge selloffs from the worried investors. However, in all this mayhem, Coinbase continued to roll out products upgrades with its 12 Days of Coinbase initiative, where it vows to announce an update of a product on its blog for twelve days.
As per the 12 Day initiative, Coinbase has recently added a new product feature like the Coinbase Earn and the Crypto Convert. And it also has listed some new coins to its platform, which led to conjecture that the exchange is reportedly trying to surge its trading volumes by adding more cryptos for trading.
Asif while speaking on this speculation, explained that there are hundreds and thousands of cryptocurrencies out there and the exchange in the coming years will add as many cryptos as it can. He further said this is the start of a great wave of technology, and one can expect to see more and more cryptos over the time.
The Coinbase honcho while speaking about the growth of Coinbase’s institutional products, said that the institutions require a compliant and regulated venue to invest in cryptos. And he also said that there has been an uptick of the onboarding of institutions into the exchange’s custody products.
He then went on to say that they have built a lot of liquidity and have the best regulated and most qualified custodian in the space. Asif concluded by saying that they have built a lot of infrastructures to let the institutions to invest in crypto products.