In an exclusive earnings call on May 13th, Armstrong stirred the pot for investors in the novel token.
Coinbase Prepares to List Dogecoin
On Thursday, the 13th of May 2021, Coinbase CEO Brian Armstrong openly declared the company’s plan to add the meme-like cryptocurrency in the next six to eight weeks.
He made his intentions known in the company’s formal release during the presentation of its first-quarter earnings.
The action of a crypto user stirred this declaration after he asked about the cryptocurrency. The user — Jordi Y, took advantage of Coinbase’s request for questions from shareholders in a Reddit-style forum. Individuals were invited by the forum to “upvote” questions, and Dogecoin-related questions had the highest amount of upvotes.
Unique Earnings Call
Later on in the earnings call, Armstrong likened the addition of cryptocurrencies to the crypto economy to the addition of applications to an app store. When asked about the company’s views of decentralized exchanges (DEXes), he quickly praised the world of decentralized finance (DeFi). However, he didn’t disclose many details about Coinbase’s specific strategy, simply saying:
“We are very excited about decentralized finance.”
The earnings call on Thursday was unusual as it veered away from the usual format. Typically, companies usually examine a prepared script before soliciting calls from Wall Street analysts. Coinbase’s approach was different; the company requested questions posted on a public forum, then responded to the most popular questions before doing field calls from analysts.
This act complies with Armstrong’s strong desire to democratize finance, and shows Coinbase’s desire for evolving the way that people view financial institutions. Decentralized finance has been seen as a gimmicky way to make a few extra bucks in the past, but it has an opening to become an industry titan.
Apart from questions concerning Dogecoin, which prompted the declaration to list the asset, many other queries started some excellent remarks. CFO, Alesia Haas noted that Coinbase also intends to spend about 12-15% of its net revenue on advertising. However, she voiced concerns about the company’s pace with development. She was quoted saying:
“We are moving slower than we would like on the international front.”
The international markets need to be a large focus for crypto companies, especially as people who have only had access to near-worthless fiat currency can now acquire and trade assets. There are millions of investors who are ready to join the crypto market, and it is generally the technology holding this global market explosion back, not vice versa.
Dogecoin listing on Coinbase is a much-needed push for lovers of the crypto asset. The cryptocurrency has been in the news lately, with many suggesting that it is a joke asset. The plans to list it on Coinbase alongside the media hype generated from Tesla CEO Elon Musk indicates DOGE is a prospect in the crypto market. The future indeed looks bright for DOGE, even if the token fails to bring any diverse use-cases to the market beyond inflated value. Thanks to all the extenuating circumstances such as COVID-19 and the rapid technological developments across DeFi, finance could completely change in the next few years. Dogecoin, while it is a coin many are skeptical towards, is also an indicator of how user belief can sky-rocket projects without a strong foundation.
Source : bsc.news
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