Brian Armstrong, the CEO of Coinbase, a San-Fransisco based crypto exchange has revealed three things he believes the crypto industry need for mass adoption to take place. According to Armstrong, mass adoption of crypto and blockchain depends on volatility, scalability and usability.
Coinbase CEO Held Live Ask-me-Anything (AMA)
The CEO revealed this via an ask-me-anything (AMA) session he ran recently. In the 45-minute AMA, he answered some selected questions submitted by the crypto community.
The first question he addressed then, was on the potential for mass crypto adoption. It was in response to this question that the Coinbase’s CEO said that a cryptocurrency can achieve mass adoption by improving scalability and usability while reducing volatility.
As regards volatility, Armstrong said that as long as the crypto markets keep swinging dramatically, traditional investors will find it a bit difficult to get enter into the market. As a result, the market needs to be stabilized. The use of stablecoins, for example, has attracted many traditional users to the industry.
Speaking on scalability, the CEO seems pleased. With more than 10 projects working on scalability solution, the speed of crypto transaction has been increased significantly. A perfect example of such a project is the Lightning Network. As a result of this solution, crypto transactions speeds are now almost on par with traditional methods of payments like VISA and PayPal.
Currently, there are too many steps required before one can invest in cryptos. This has reduced the usability of cryptos significantly. Armstrong strongly believes this needs to be looked into. He further stressed that investment into crypto for retail investors should work as easily as using a chatting app. He noted Chinese app WeChat as an example of usability.
Other Subjects Discussed
Armstrong also talked on other subjects such as the highly broadcasted #DeleteCoinbase movement which was launched in March in response to Coinbase’s acquisition of Neutrino.