CEO of US-based crypto exchange Coinbase, Brian Armstrong, revealed in an interview with Fortune, his first impression when he read the Satoshi Nakamoto whitepaper about Bitcoin and what his goals are for his firm.
Brian was recently listed in Fortune’s list of 40 under 40 and told the publication that the famous whitepaper was the reason why he thought about establishing an exchange.
“One was that I happen to read about just new technology, Bitcoin when the white paper came out in 2010 which was Satoshi Nakamoto’s Bitcoin research paper. And I remember thinking this is the most important thing I’ve read in probably five years.”
According to the CEO, the idea behind bitcoin being used as a universal currency was really special because it could exist even with the identity of the inventor being unknown to date. The motive was for people to have control over their money and Coinbase is only a vessel for individuals who wish to tap into this benefit.
Coinbase To Lead Web 3.0
The comparison of Coinbase to “Google of Crypto” came when 35-year old Armstrong explained the relationship between Web 1.0, Web 2.0, and Web 3.0 which is blockchain technology has introduced.
According to him Web 1.0 was about the publishing of information online, Web 2.0 was then about the interaction of the internet. Now that we’re unto Web 3.0, the goal is the sharing of value over the internet.
Since cryptocurrencies are only at the same stage as the Internet was when it started off, Brian Armstrong wants his company to take the lead.
“In the sense that this new way that applications are being built on the internet Web 3.0, we can be the leading company in the world for that,” he said. The firm has also backed this intent by hiring many top employees in the internet industry.
Coinbase is currently one of the world’s leading cryptocurrency exchanges and ranks no. 17 on Coinmarketcap’s list of top exchanges by trading volume in the last 24 hours. Trading volume on the exchange within this period was $161 million.