The Washington Post
IT’S TIME TO UPDATE THE SYSTEM
American financial institutions are an essential part of the traditional finance system, but they rely on outdated technology invented before the internet that isn't serving them or their customers. Crypto can help.
As the system deteriorates, people all around the world pay the price.
Crypto has more than 400 million users worldwide because it offers real technology solutions. If crypto users were a country, they would be the third largest nation by population in the world.
66% developing of crypto world, users often live in in places the where the current system fails to meet their needs. Here in the US, 14.1% of households are underbanked and can face high fees to use their own money. Crypto offers people a way to participate in the global economy.
Crypto zuela went can hyperinflationary. provide stability. Vene- Egypt and Lebanon recently devalued their currencies. Stablecoins like USDC, which is held by 1.6 million people and is pegged to the US dollar, are less inflationary options.
Crypto remittances from the US to
Mexico exceeded $1 billion in the first half of 2022. Crypto is efficient and nearly instantaneous, whereas overseas wire transfers are slow and expensive.
Crypto makes money portable. At the beginning of the war in Ukraine, banks shut down and ATMS ran out of cash. Crypto was one of the only ways for refugees to access their funds outside of the country.
Crypto is 24/7 and always with you.
The fastest, cheapest way to receive humanitarian aid is through crypto wallets. Nonprofits are moving donations directly to recipients without middlemen taking cuts and slowing things down. $70 million worth of crypto has already been delivered to Ukrainians in need.
Widespread begun, and crypto the countries adoption creating has commonsense legislation are positioned to become industry leaders.
Many are enacting regulations aimed at protecting users while enabling innovation, including the UK, EU, and Japan. America should do the same.
Crypto isn’t going anywhere. But whether America will be a global leader remains to be seen. Crypto technology can help update our aging financial infrastructure, giving American customers more financial freedom and institutions new tools to drive innovation.
While some crypto companies went offshore to avoid US law, Coinbase decided to build in the US and push innovation within existing regulations. Coinbase is committed to being part of the solution to update our financial system.