Coinbase’s Q3 earnings have beaten expectations, with CEO Brian Armstrong drawing parallels between the evolution of blockchain technology and the internet’s transformative impact.
Armstrong believes crypto companies can become the tech giants of tomorrow, as on-chain technology becomes as significant as the internet.
In the earnings call, Armstrong said that just as the internet transformed communication, business, and social interaction, blockchain and crypto are now similarly altering people’s lives. He declared, “On-chain is the new online.”
He expanded on this by explaining that blockchain and crypto are re-decentralizing the web and introducing a new element: ownership. Armstrong stated that on-chain technology allows you to not only read and write, as with traditional internet, but also own.
Coinbase (COIN) reported Q3 revenue of $674.15 million, a 14% increase from the same period last year and 2.67% higher than the consensus estimate of $656.61 million.
Despite his optimism, Armstrong acknowledged that regulatory clarity in the U.S. remains a significant challenge for the crypto industry.
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