On Monday morning (March 24th), Coinbase CEO Changpeng Zhao posted a tweet mentioning that the company is working on launching its new crypto exchange app for iOS and Android in August 2022. The update was shared on May 20th, 2021, by COO of BTC Core Michael Saylor to all of Coinbase’s Twitter followers, calling Coinbase “The World’s Most User-Friendly Wallet App”.
In response, Bitcoin Twitter users have been flooding this post with their questions — one being about whether or not they should trust Coinbase CEO Chngpeng Zhao because he has previously appeared misleading in his public statements. After hours of posting tweets answering these questions, Chngpeng Zhao deleted those questions entirely from his account in an apparent attempt to show transparency.
To answer some of your most ardent cryptocurrency fans/followers, here are responses to some of the following questions:
Is it just me who is still having trouble wtting down which coins to invest in? I am wondering if there is any underlying reason why you aren’t doing more research before investing in cryptocurrencies. What do you mean about people making $100k+ off of crypto without realising that they could be missing out on what truly matters…? If someone made over a million dollars, wouldn’t they want the same things? Maybe I should probably check them out then, at least let me know what they are doing…? You said Coinbase is so user friendly… but then again maybe the world is fulla f$ks up because Coinbase doesn’t seem to keep up when it comes to security or privacy…? Couldn’t you just make a better app than Coinbase? They seem too good to be true, but perhaps you guys need another reason for holding onto your cryptocurrency? Do they really have something special that no other company does? What makes them tick? Do y’all know anything else besides “Coinbase is a great place to store money?”…? Are there any reasons why this might be true? No? OK, well either way here we go…! I mean I guess at least my question isn’t answered…!
Here is what @bobcobeee commented below his screenshot of Chngpeng Zhao’s reply to #1:
Wow…so now it seems like Coinbase is going through changes and will continue to change until this very moment. It appears more like they are getting behind the whole idea of an online cryptocurrency exchange app…
We are sorry you feel disappointed in us… just remember that every day brings many positive updates and improvements in our products and services. Keep your eyes peeled…
I think it is safe to say that everyone wants to see a company do right by its customers. If everything else fails I would rather put a dollar in bitcoin and let it fail for once…
Just as bad as “Coinbase is the best”, I want to ask you two related questions about our business model and valuation. How much did you see this news from me? Why didn’t you post it on twitter earlier…? Have you heard any more details about how this crypto exchange will work…
Yes, Coinbase’s product team has responded to multiple concerns by us and many others on social media. We understand that many of you have expressed opinions regarding specific topics that have nothing to do with Coinbase’s mission. As always, we welcome your constructive feedback.
As an organization, we pride ourselves on being open, transparent, ethical, accountable, and responsible. And this latest example underscores that we are constantly pursuing solutions with integrity and accountability. That’s why, even though we do not share specifics regarding future developments, we welcome feedback from all interested parties. Your comments and expressions are valued and taken into consideration as we build upon Coinbase’s core values to deliver a superior user-experience and provide a secure environment for digital asset transactions.
In terms of price fluctuations, CoinMarketCap suggests that investors can expect regular weekly trading activity. According to our data, daily volume was down slightly in Q2 compared to Q1. However, monthly volumes were up slightly during Q4 as measured by total value traded. This may indicate higher demand for tokens on the platform as traders anticipate the launch of an official coin.
Coinbase plans to expand its offering in line with ongoing development and technological innovation. Users of the website and mobile app will be able to buy more of the company’s native assets in addition to gaining access to exclusive rewards programs. In addition, Coinbase aims to introduce improved onboarding processes for beginners and help them find affordable solutions. As part of the long term vision of developing unique tools and services for all types of investors, the company will also establish an ecosystem of decentralized exchanges that will support various altcoins alongside traditional ones.
As always, we appreciate your insight and feedback and look forward to hearing from you. Please note that due diligence work is required prior to investing in any token listed on the site. Only experienced investors are entrusted with accounts, meaning anyone who invests funds using Coinbase must be verified and maintain appropriate holdings. These measures aim to protect both novice and more seasoned investors alike from scams, fraud, and mismanagement.