- Brian Armstrong predicts significant growth and adoption in crypto payment this decade, driven by the rise of stablecoins.
- He believes innovations like human-readable names and easier onboarding will enhance cryptocurrency accessibility for consumers.
- Armstrong views stablecoins as crucial for integrating cryptocurrency into everyday payments, especially in unstable currency regions.
Brian Armstrong, the CEO of Coinbase, also believes that cryptocurrency payments will gain much traction and adoption this decade.
first job post (co-founder really) for Coinbase back in March 2012https://t.co/LqPcOnu1cD https://t.co/jamVQcaob7
— Brian Armstrong (@brian_armstrong) August 26, 2024
He spoke of stablecoins’ ability to propel the use of cryptos in payments. According to Armstrong, stablecoin volumes are rising while technology is increasingly becoming easier.
Brian Armstrong Highlights Stablecoins’ Role in Crypto Payments
Brian Armstrong described stablecoins as one of the most important elements of the future of cryptocurrency payments. He also pointed out that they are being used more frequently, particularly in areas with unstable currencies, thus proving their applicability in daily use.
As Armstrong stated, stablecoins can act as a bridge and open the door between the conventional financial system and crypto, thus making digital payments more convenient.
The CEO also pointed out other opportunities that might expand the use of crypto payments: the emergence of human-readable names, a more effortless onboarding experience, and improved transaction flow. Armstrong has claimed that these innovations will help improve cryptocurrency accessibility for consumers.
Armstrong Reflects on Coinbase’s Shift from Payments
Brian Armstrong also recalled initially thought cryptocurrency payments would be used for trading, which became more profitable in the first decade. At first, he thought that payments would be the “killer app” for crypto, but trading became the company’s main focus.
Still, Armstrong believes that the initial idea of using crypto for payments will come true in the next few years.
He also explained the company’s background. Coinbase was known as Bitbank during its early years and aimed solely at payments.
The first version of the service enabled users to transfer Bitcoins to other people’s e-mail addresses, which Armstrong posted on his social networks. However, the company changed its path and co-founded Coinbase Beta with Ben Reeves, which aimed to be a trading platform.
Early Coinbase Aimed to Build Bitcoin’s Paypal
Armstrong recently shared on the Y Combinator website the first job offer Coinbase made to him in March 2012. The posted job was that of a co-founder to build a “Paypal for Bitcoin,” which shows Armstrong’s early understanding of the potential of cryptocurrencies in payment systems.
The job post represented the current issues of the time, where the job posting revealed that cryptocurrency was still complex to operate.
However, despite the various challenges, Armstrong’s early vision of accepting cryptocurrency payments has not been altered.
He reasons that crypto payments will one day be the norm as the use of stablecoins increases and innovation continues. His further emphasis on innovation shows that Coinbase will be one of the key players in this shift.
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