Brian Armstrong: Custody 90% of Bitcoin ETF assets! Coinbase Wallet Will Become a Super App

Brian Armstrong, CEO of the US exchange Coinbase, tweeted yesterday to express his gratitude for the company’s achievements in the past year and pointed out its future development direction, strategy and regulatory attitude.

Coinbase publishes 2023 review: cost reduction, profit realization

Brian Armstrong spoke highly of Coinbase’s performance after the release of the 2023 Q4 financial report. He praised the company for its impressive results. Achievements, emphasizing the solid financial position, and successfully reduced costs by 45%, achieving a positive net profit of nearly US$95 million.

In addition, he also mentioned a number of products and services launched by Coinbase in 2023, including the previously high-profile L2 network Base, saying that it will help the expansion of the encryption market.

90% of Bitcoin ETF assets under custody

Armstrong also emphasized Coinbase’s criticality and influence in the Bitcoin ETF market. As the custodian of eight of the 11 ETF issuers, Coinbase holds 90% of approximately $37 billion in Bitcoin ETF assets.

and added, "Since the launch of ETF, Coinbase's retail investors and institutional funds have shown and maintained positive net inflows."

will try to develop the Coinbase wallet into an on-chain super App

Regarding future development, Coinbase stated that in 2024 it will focus on international territory expansion, derivatives and payments to increase revenue, and promote encryption by improving products such as Coinbase wallets. Utility and application orientation of currency: We hope to develop the Coinbase wallet into a super application on the chain.

will continue to promote encryption supervision

Finally, Armstrong also expressed his long-term concern for encryption supervision and compliance, and said that he will continue to encourage Washington through court litigation, donations and Special zone legislation and other means continue to promote regulatory clarity in the cryptocurrency market.

Donated US$3.6 million to Bitcoin development organization Brink

On the other hand, Brink, a non-profit organization that supports Bitcoin developers, also tweeted today to express its gratitude, saying that Coinbase has passed Brink Donated $3.6 million to Bitcoin blockchain developers.

It is understood that the donation was distributed through Coinbase’s Give Crypto program, which provides cryptocurrency to poor people.

In December last year, Coinbase announced that it would stop the plan due to the inability to produce long-term benefits, and would give the remaining funds to public welfare platforms such as Brink and Give Directly.

Brink said: This donation has no strings attached and will be used directly to support its scholarship program and target multiple engineers working on the open source development of Bitcoin code.

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