Brian Armstrong, Coinbase exchange CEO and co-founder, attempts to explain in a recent blog post whether the exchange is a finance or a tech company. The question came up at an all-hands meeting of the company conducted recently, Brian said. One of the employees at the meeting raised the question if their’s is a tech company or a finance company.
Brain said that is a great question according to him and therefore it deserves a thoughtful answer he said. He also said that he had sent an email to his employees seeking their opinions on the matter. That’s the reason he tried to explain it through his recent blog post.
CEO Brain said that no doubt Coinbase exchange is one of the biggest cryptocurrency exchanges in the world. However, the question still remains whether his company is a finance company or a tech company. The exchange which was founded in 2012 has grown to earn $1 billion in revenue in 2017.
Cryptocurrency lies at the intersection of finance and tech, and that is one aspect of the problem. By nature, cryptocurrency companies are not strictly either tech or finance companies. Brian in his email written to the employees mentioned, “Many of you have noticed that we share aspects of both”.
He further adds that on the technology side the exchange has an engineering and product-led culture. It also offers a lot of tech company perks such as kombucha on tap, free meals, etc and it also hires candidates from many of the best tech companies, as stated in the Bitcoin Exchange Guide report. However, at the same time, the exchange also shares aspects of financial services he said in his mail. The company has robust legal and compliance teams which frequently interact with regulators and governments. The exchange has also opened its offices in the world’s financial centers.
The Coinbase exchange CEO later in the email mentioned that if at all the exchange has to label itself, then it would call itself a tech company first. He reasoned saying that technology drives growth and innovation in today’s world. Just as cryptocurrency doesn’t fit into traditional economic definitions, so also Coinbase doesn’t fit into whether it’s a tech or a finance company.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]