Coinbase U.K. CEO Zeeshan Feroz said that the announcement of Ethereum Classic was more successful than Bitcoin Cash at the CryptoCompare MJAC 2018 conference today. He also spoke on the use of mobile payment networks to bring financial services to the unbanked, criticized the current financial payments system, and gave a roadmap to achieve widespread use of cryptocurrencies.
Coinbase Roadmap to Crypto ‘Utopia’
When asked about the announcement of Ethereum Classic (ETC) on Coinbase, Feroz said at the London conference: “We launched ETC yesterday and if you look at the market, we controlled information better this time. We’re a young business in a space that’s new and there’s no precedence. Whether there was any wrongdoing or not at that time [Bitcoin Cash launch], what we’re doing is learning from that. ”
The CEO’s speech was targeted at the current financial system, dismissing it as ‘inefficient and clunky.’ He targeted companies, such as PayPal, saying that whenever a payment happens, behind the scenes, physical money has to be moved and typically four companies take a cut during the process. He claimed that cryptocurrencies are efficient and that Coinbase is trying to ‘help the world benefit from that efficiency.’
He emphasized the use of mobile payment networks to provide financial payments for people who have no access to traditional banking systems. Feroz, who grew up in Pakistan, spoke about how the number of mobile phone connections per person is ‘three or four times the penetration of bank accounts’ and highlighted the two billion people in the world who have no access to banking. He also said that ‘cash can lose value by 30% in a year.’
— olivier acuña (@noticias2000) June 13, 2018
Encouraging the use of cryptocurrencies to change the current financial system, he said: “We’re trying to rebuild the entire financial system but we’re trying to