Under pressure from rumors about the actual number of BTC held in its digital vaults, the Brian Armstrong, CEO of cryptocurrency exchange Coinbasehe said on Twitter that his the company holds around 2 million BTCabout $40 billion in Bitcoin.
Brian Armstrong warns of the many rumors currently shaking the crypto industry following the recent bankruptcy of the giant FTX which puts many other crypto companies in difficulty.
A Coinbase CEO who also deals with the Volatility of Coinbase shares which has reached its all-time low, the COIN price has in fact dropped to the $40 level.
If you see FUD around you, remember, our finances are public (we are a public company) https://s27.q4cdn.com/397450999/files/doc_financials/2022/q3/Q32022-Shareholder-Letter.pdf.
We hold around 2 million BTC. ~$39.9B as of Sept. 30 (see our 10Q)
We must all come together to responsibly build this industry into the future. Beware of false information. »
We own ~2 million BTC. ~$39.9B as of 9/30 (see our 10Q) pic.twitter.com/TFINAgOSeZ
—Brian Armstrong (@brian_armstrong) November 22, 2022
While various cryptocurrency exchanges like Binance or Kucoin have published their evidence of Bitcoin and cryptocurrency reserves, Coinbase intends to silence the rumors about it by publishing these financial documents which indicate that the American cryptocurrency exchange actually holds around 2 million BTC .
Some skeptics, including the CEO of Binance, have questioned Coinbase’s recent statements. Brian Armstrong hopes to shed light to reassure his clients and the entire crypto community who fear the bankruptcy of another major player in the sector.
Greyscale And Genesis they are the last companies in the sector around which doubts remain about the solidity of their financial health.
Genesis is in fact looking for a billion dollars to avoid bankruptcy, the crypto lending platform will not be able to count on the help of the giant Binance which evokes a potential conflict of interest with the Genesis business model, click here to read our article.
As for the Grayscale Bitcoin Trust fund, it has to deal with rumors about its BTC assets. As mentioned in a previous article, Coinbase has confirmed that it actually holds 635,000 BTC on behalf of Grayscale.
After the fall of the FTX empire that exposed the scams at play within the cryptocurrency exchange formerly run by Sam Bankman-Fried, a race for transparency is now underway among the cryptocurrency trading platforms in the industry .
CoinMarketCap has also implemented a feature that displays the “proof of reserves” of the cryptocurrency exchanges that provide this data, click here to read our article.
If Coinbase does not publish proof of reserves, the company and its CEO remind that Coinbase is a regulated, publicly traded company and its audited accounts are therefore public.
Faced with all these turmoils that are handling the cryptocurrency market, the The price of bitcoin remains uncertain and currently hovers around $16530click here to follow the BTC course live.
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