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Brian Armstrong, CEO of Coinbase, said he would offer to negotiate cryptocurrency exchanges in Dogecoin in six to eight weeks, as the company warned that competition from alternative trading sites was increasing.
Armstrong’s comments were received by Coinbase in its first earnings call live list in April, which made the U.S.’s first cryptocurrency exchange a major public exchange.
Coinbase reported net income of $ 771 million in the first three months of this year, three times more than in the previous quarter, as trading volumes grew in popularity with bitcoin and other digital assets. The figures were in line with Coinbase’s April estimates.
Cryptocurrency traders asked Coinbase to give them permission to trade dogecoin, started out as a joke but in the last round reached a capitalization of $ 55 billion.
The cryptocurrency was in public over the weekend with CEO Elon Musk Tesla, who has made numerous references to dogecoin on Twitter this year, as he referred to it again in the TV series. Saturday Night Live – although he admitted that the token was a “bustle”.
Coinbase has been slower than its offshore-based rivals to add cryptocurrencies to its platform, analysts said, citing cybersecurity and regulatory concerns.
In a letter to shareholders, Coinbase said its competitors are “supporting a large volume of commercial capitalization that we do not currently support and some cryptographic assets that are undergoing market capitalization growth.”
“We definitely need to speed up the asset review process and add it to the site,” Armstrong said. “We’re going to be fast in a world where there are so many that we can’t keep up unless we speed up that process.”
Coinbase said recent trading volumes remain at record levels in the first quarter. The company recorded more than $ 1.5 billion in transaction revenue during the first quarter, mostly from retail customers.
Coinbase’s shares have fallen 38 percent since their first trading day peak, giving the company a market capitalization of $ 52.8 billion at the end of Thursday.
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