Coinbase Does Not Look to Exit the US – Brian Armstrong
The uncertain regulatory landscape in the U.S. has been repelling major companies. Just a few hours back, Revolut announced the discontinuation of its crypto services in the U.S., blaming regulators. Likewise, several top companies are also expanding their bases in other regions.
In a recent CNBC interview, Monica Long, the President of Ripple, revealed that a lot of the company’s growth has come from outside the U.S. She said, “That’s reflective of where there is regulatory clarity.” However, Coinbase does not look to evacuate this region.
When asked if the company was looking to move to friendlier crypto shores, Coinbase executive Brian Armstrong told The Financial Times,
“It’s not even in the realm of possibility right now. There is no break-glass plan. We’re staying in the United States.”
Until recently, Armstrong was open to the idea of “relocating” the company. During his London visit in April, he suggested that “anything whatever is necessary is on the table” for Coinbase’s future. In fact, Coinbase also secured a license in Bermuda in Q2 2023. That led to heightened speculation of the exchange moving off-shore. However, Armstrong’s latest claim brings to light the change in the company’s plan.
Coinbase has been making strides in the market of late. Its recently released earnings report pointed out that the company’s revenue surpassed analyst estimates. America’s only publicly traded exchange reported revenue of $707.9 million in Q2, beating estimates of $663 million, according to Refinitiv data. A senior Staff Software Engineer at Twitter recently tweeted,
“I’m very proud of everyone at Coinbase for improving efficiency, driving regulatory clarity, and innovating constantly despite an uncertain environment. Operating expenses decreased 13% while cash reserves increased 3% QOQ, and Base mainnet launches imminently.”
In fact, several others from the community expressed optimism with respect to the company’s growth. Messari’s Ryan Selkis recently asserted that Coinbase is a “really well-run” company. He added that it has a “killer” positioning for the future.
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