U.S.-based crypto currency exchanges Coinbase giant’s stock is at an all-time low, while the stock’s CEO Brian Armstrong sent a note to employees, who are struggling to stay afloat or collapsing unlike other crypto currency markets, the companies revealed that it was a confirmation that powerful.
“This is Our Moment to Shine” Binance’s Situation
In the note reached by The Block, Coinbase CEO Brian Armstrong said, “This is our moment to shine. This has never been easy, as we have seen our competitors breaking the rules and rising like a rocket in value and media attention.” he reported that he wrote. Armstrong also invited employees to be “ready to serve” customers in the midst of market activity and called “high withdrawals on Binance as a potentially contributing factor to the industry.
The 39-year-old CEO also reminded employees that Coinbase does not have significant exposure to its competitor Binance, it securely stores customer assets and has $5 billion on its balance sheet.
On the other hand, Coinbase shares closed Tuesday’s trading session below the all-time low of $ 39.
Armstrong’s comments came immediately after weeks of liquidity uncertainty, crisis, bankruptcies and layoffs caused by the collapse of FTX, a crypto currency exchange with a valuation of over $ 30 billion.
Net Money Outflow of Over $2 Billion
Investors have been on high alert since their clients’ withdrawal requests contributed to the collapse of FTX. According to data provided by the crypto analysis platform Nansen, on December 12-13, the crypto currency exchange Binance recorded the highest daily withdrawal since June. Binance saw a net outflow of over $2 billion, surpassing other trading platforms Decisively.
In a tweet earlier today, Binance CEO Changpeng Zhao said, “Withdrawals on Binance have returned to normal. The size of yesterday’s withdrawals was not high, it can not even get into the top 5. There had been more money outflows during the collapse of LUNA or FTX. People started moving their money to Binance again.” he said, adding that the situation has returned to normal.
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