Centralized Entities Need To Support The Crypto Ecosystem Says Coinbase UK CEO
On Sep 12, 2020
The CEO of the Coinbase UK has argued that centralized entities need to support the crypto industry. As per Zeeshan Feroz, he saw Facebook’s Libra and CBDC issuance as the two ways to promote cryptocurrencies into the mainstream. Coinbase is among the members of the Libra Association, and the CEO reports to establish a sound system with the stablecoin. Feroz raises the stance of centralized businesses supporting the virtual coins’ decentralized ecosystem.
Zeeshan Feroz, the UK CEO of Coinbase, suggests that the centralized existences must support the cryptocurrency ecosystem. In his interview with CNBC, Feroz stated that he expects the cryptocurrencies to go mainstream through the origination of Central Bank Digital Currency (CBDC) and Facebook’s Libra.
The Potential to be a form of payment
CBDC’s, the digital coins issued by the central banks, is a regulated government currency. As per the CEO, these currencies, like the digital US dollar or GBP, could “catalyze adoption in a way that US geeks in silicon valley might not be able to.” The second route he mentioned for virtual currencies ascend is the most uncertain crypto project, Facebook’s Libra. Feroz said, “with the billions of users that they have, Libra as a currency has the potential to be a form of payment that is really universal in its nature. It’s not going to be easy; you’re challenging the status quo. we’re at step one of a thousand step journey.”
When questioned whether a project such as Libra doesn’t solely replace institutional and governmental control with a centralized corporate alternative, Feroz stated, “To transition from the world we’re in today to that utopia, perhaps you need centralized entities, you need an on and off-ramp. You can’t buy crypto if you don’t have a centralized business that can maintain those relationships with banks.”
Coinbase is one of the twenty-one firms that are a part of the libra association. On Wednesday, Mark Zuckerberg broadly missed assuaging the lawmakers’ concerns regarding his stablecoin.