To overcome the issues of panic among Crypto investors, Coinbase exchange reported its user’s reserves funds.
Coinbase is a Nasdaq-listed public crypto exchange, which is known to provide crypto services under a very high compliance-based ecosystem. The exchange has hands in multiple crypto businesses alongside crypto trade & wallet services. Some of the US government agencies use blockchain tools created by the talented team of this exchange.
Just a couple of days ago, Brian Armstrong, CEO of Coinbase, took to Twitter to share the detailed reserves behind the Coinbase exchange, to remain away from any kind of panic among customers, which started with the collapse of the FTX crypto exchange.
Brian said that people should always keep in their mind that Coinbase is a public company, so there is no need to get into any kind of panic.
Further, Coinbase’s CEO said that the company is holding 2 million Bitcoins. And also he attached a detailed picture which shows holdings of retail & institutional clients’ funds ( in crypto assets & fiat) by the exchange.
Brian also said that we need to work together to move forward toward growth, instead to follow false information.
Coinbase supports Ripple in a Lawsuit
As we know, Ripple, a San Francisco-based Fintech company, is under a very big regulatory hurdle because of a lawsuit, was filed by the United States Securities and Exchange Commission (SEC) in December 2020.
In early of this month, Coinbase secured regulatory approval to file an amicus brief in favour of Ripple company.
Through the lawsuit, the SEC agency claimed that the XRP token, a Native token of Ripple’s XRP Ledger, is basically security and also violated securities law by selling more than $1.2 billion worth of XRP tokens publicly.