Alesia Haas, the Chief Financial Officer of Coinbase, spoke with Bloomberg Television at the World Economic Forum’s annual meeting in Davos, Switzerland, on January 15, 2024, discussing various aspects of the cryptocurrency market and Coinbase’s strategies.
Spot Bitcoin ETFs and Mainstream Crypto Adoption
Haas expressed enthusiasm about the recent approval by the U.S. SEC of multiple spot Bitcoin ETFs, describing it as a landmark day for the cryptocurrency industry. She believes that these ETFs bring Bitcoin into a broader investable asset class, making it accessible to trillions of dollars of assets that previously couldn’t access spot crypto. Haas views this development as a significant step in bringing crypto to the mainstream and aligns with Coinbase’s goal of bringing crypto to a billion people worldwide.
Market Response and Coinbase’s Growth
Haas noted that there has been a flow of dollars into the ETFs since their approval. She expressed satisfaction with the stability of the markets during this transition and anticipates gradual growth.
Regarding Coinbase’s hiring plans, Haas mentioned that the company is happy with its current headcount and has been focusing on efficiency.
She went on to say that despite reducing costs, Coinbase has expanded its product offerings significantly, including launching a layer two blockchain, growing derivatives, introducing an international exchange, and expanding into new countries.
Global Expansion and Regulatory Landscape
Haas highlighted Coinbase’s recent global expansion efforts, including partnerships to expand into Africa and launches in Canada, Brazil, Singapore, and other markets. She emphasized the importance of local hiring in these new markets. Haas also discussed Coinbase’s recent launch of an international exchange, which is showing early signs of traction.
Product Development and Regulatory Understanding
Looking ahead, Haas expects Coinbase to focus on expanding and growing its existing products rather than announcing new ones. She also touched upon the evolving understanding of crypto regulation, noting significant progress in education and differentiation between trusted and non-trusted brands in the crypto space.
Haas pointed out that 80% of G20 countries now have crypto regulation, with Europe’s MiCA regulation being a notable example. She expressed optimism for thoughtful crypto regulation in various countries and hopes for the U.S. to follow suit.
Featured Image via Coinbase