Brian Armstrong: People may soon be able to "self-custody" via Coinbase

15 May, 2019
by Richard Allen
Brian Armstrong: People may soon be able to self-custody via Coinbase

Brian Armstrong, chief executive of major US crypto exchange, Coinbase has been speaking at the Consensus 2019 conference in New York. He’s reportedly been asked some tough questions regarding the status of his exchange.

According to CoinDesk reporter Leigh Cuen, Armstrong was asked if Coinbase “is just a digital bank.” The CEO reportedly said denied this but did admit that Coinbase “is becoming more centralized. We’re almost a victim of our success,” he said, adding “there's a little too much power in one place. We need to make sure we don’t become too centralized.”

Some have questioned what exactly “too centralized” means, leading to speculation that Coinbase may be building a decentralized exchange.

As Armstrong further stated, Coinbase has begun talking to businesses like software company StarkWare about the possibility of allowing people to “self-custody” through the Coinbase wallet, but still be able to participate in exchanges. Hopefully further information will be available soon.

On stage with Armstrong was venture capitalist, Fred Wilson who said the financial investments into the crypto industry made during the last bull market will finally start bearing fruit in 2019. He added that six crypto projects in his portfolio will launch products within the next six months.

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