NEW YORK -- “There is a gradual move to use cryptocurrency. Starting with the niche market, 50% of the world’s population will use cryptocurrency while carrying out banking services in the future.”

Brian Armstrong, CEO of America’s largest crypto exchange Coinbase, made the comments in the “Consensus 2019” blockchain conference under way in New York Wednesday, saying that cryptocurrency will be recognized as the mainstream soon.

“When television appeared first, people felt it unnecessary to obtain information via screen instead of radio,” said Armstrong, adding that people’s perspective on the cryptocurrency market is similar to this. He thinks that doubt is natural whenever technical innovation erupts.

Institutions’ active moves also draw attention. Asked about the status of institutional involvement in the cryptocurrency industry, Armstrong exemplified Coinbase’s custody service, saying, “It has 1$ billion in assets under management (AUM) in just one year after launch and 70 institutions have signed up. Even 60% of Coinbase Pro trading volume is from institutions.” Coinbase Pro is a trading platform geared toward institutions and professional traders.

What prompts institutions to look to Coinbase? Armstrong said the institutions are not merely interested in having their funds sit idle while in custody. “They want to be staking and voting, doing governance on-chain,” he said. “I think that will grow rapidly.”

Armstrong expects the cryptocurrency market to grow remarkably this year. “More people will see cryptocurrency as assets and adopt it. Coinbase will do its part to let all create opportunities and taste economic freedom while playing the role of linking businesses with retail investors,” he said. /yjk@decenter.kr

Janice Yunji Kim