US-based cryptocurrency exchange, Coinbase has indicated plans to add as much as 300 new coins unto its platform.
This revelation was made by the company’s president and Chief Operations Officer, Asiff Hirji on Bloomberg. Hirji explained plans by Coinbase to offer more opportunity to users, especially non-residents of the United States.
“We offer seven [cryptocurrencies], so you should expect us to go from seven to that total number we think is worth it [200 – 300] over the next year or so. Some things will be offered in the U.S., but more things will probably be offered outside the U.S.”
In the video interview, Hirji noted that while his company will look to go public at some time in the future, there is no immediate plans for that yet. “There’s not going to be an IPO any time soon; we have so much to do”, he said.
Some of the immediate plans that Hirji noted included the need to diversify revenue and have a more predictable revenue stream, noting that coinbase’ current revenues are 100% transactional. Also, he noted that the exchange is keen on broadening out the products that they offer and accelerating the next phase of crypto, which is the utility phase.
According to him, his company’s mission revolves around opening up the financial systems of the world. This is exemplified by their recently launched stablecoins which can fundamentally benefit people who are unbanked and unrepresented both in the US and other parts of the world.
Founded in June 2012 primarily as a digital currency wallet host, Coinbase has since grown into becoming a broker, an exchange and a custodian. The exchange is based in San Francisco, and hosts over 20 million users on its platform and has traded over $150 billion since its existence.
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